Study On The Effects Of Resource Conformity In Venture Capital

In recent years, as an engine and a incubator of the high-tech industrialization, Venture capital has become a remarkable issue in academe inside and outside the country. Venture capital- the prerequisite of developing high-tech industry and enhancing national competition, will be the spur of casting off the astriction of the traditional industry as soon as possible and the drive power of making for the modernization of pursuing after the developed countries.Venture capital has developed from an entirely new thing into the one almost upon the table. At first people was curious about it, then pursed it, and then snubbed it with respect to the slump of Nasdaq. After experiencing a few twists and turns, venture capital has solicited further investigation. One of the most desirable investigations is the reason why venture capital can success, and how to solve the problem commonly existed in most process of investment that the disjointedness of value chain caused by the dissymmetric information. By going deep into studying the problems above, this article brings forward that the reason is that there exists unique resource conformity -a series of incentive and restrictive mechanism unify the aim of the investor, the venture capitalist and the entrepreneur so as to combine the precious resource such as human resource, technology, capital and information. In addition, the resource conformity can minimize the adverse selection as well as the moral hazard to the greatest extent and bring high yields.The paper summarize the origination, the development, the characteristics and the flow of venture capital; by using the theory of the principal-agent, discuss how the venture capitalist and the entrepreneur utilize the rational contract and participate effectively in management to attain their mutual mobilization; on the basis of analyzing the merits and disadvantages of the stock market, the bank credit, the internal items of the enterprise and the venture capital, demonstrate its productive ability and validity; after construing the obstacle of collecting information intraditional consultative company, testify the efficiency of collecting information and consultation of the venture capitalist; by utilizing the theory of information economics and the prevalent concentrated incentive mechanism in USA, bring forward a more effective continuous incentive mechanism, and discuss the payment in the most favorable incentive mechanism and monitor level in the most favorable monitor mechanism, which is hoped to be helpful to solve the problem of inefficient incentive and monitor in China.