摘要
新经济在美国的兴起并不仅仅是靠几个风险资本家和风险企业家,它有深刻的制度背景,风险投资就是重要的制度创新之一。本文借助信息经济学和新制度经济学的分析工具,试图解释为什么传统资本市场失灵,不能为风险企业提供资金;而风险投资又是如何通过巧妙的制度安排解决因委托人和代理人之间的信息不对称造成的"逆向选择"和"道德风险"问题,从而实现了普通投资者———风险资本家———风险企业家之间的链接,使稀缺的资金和稀缺的人力结合在一起。最后,得出结论,包括风险投资在内的制度创新才是新经济兴起的原因。
This paper points out that it isn't venture-capitalists and venture-entrepreneurs who can explain the rise of the New Economy in America,but the institution ,of which venture capital (VC) is the most important,that does.And the paper analyses why the traditional capital market became inefficient with venture-enterprises;further the paper explains how VC mechanism deals with adverse selection and moral hazard;finally a conclusion comes that institutional innovations are due to the rise of New Economy in America.
出处
《青岛职业技术学院学报》
2003年第1期13-17,共5页
Journal of Qingdao Technical College
