摘要
创新的金融制度与高科技产业的发展两者是相辅相成的,风险投资治理机制的有效性就在于有效解决不对称信息环境下的激励问题,以达到企业价值最大化和代理成本最小化的目标。从风险投资过程中的逆向选择、道德风险、控制权分配、融资机制等方面探讨了风险投资在高科技创新企业中的治理机制,以期促进我国新经济的发展。
Efficient financial system goes hand in hand with the development of high - tech industry. Efficiency of governance mechanism of venture capital lies in resolving incentive problems in the condition of asymmetric information to realize the goal of increasing business value and reducing agency cost. This paper explores the governance mechanism of venture capital in the new High - Tech start - ups from the aspects of adverse selection , moral hazard and controlling power in order to promote continuous development of the new economy in our country.
出处
《管理科学》
2003年第6期72-76,共5页
Journal of Management Science
关键词
风险投资治理机制
高科技产业
逆向选择
道德风险
Governance mechanism of venture capital
High - tech industry
Adverse selection
Moral hazard
