Research On The Corporate Governance And Operating Mechanism Of National Venture Capital Organizations Under Information Asymmetry

Information asymmetry risk is a problem of great importance and difficulty in both the practical and the theoretical fields of venture capital investment. From the venture capital organizations'angles, this paper adopted the principal-agent theory and focused on the control of internal information asymmetry risks——adverse selection and moral hazard, such as the problems of organization form, mechanism of prompting and supervision, evaluation of venture enterprises, hedge of risk and the relationship between venture enterprises and so on.Firstly, the author analyzed the specific problems of venture capital organizations in connection with the situation of development of venture capital organizations in our country, pointed out the core problem for venture capital organizations is the institutional designs of corporate governance and operating mechanism under information asymmetry. Secondly, this thesis introduced related abroad corporate governance experiences, combining with the particularity of economy development in our country, put forward that our venture capital organizations should stay institution of corporation at present, but turn to the institution of limited partnership gradually. Meanwhile, some prompting and supervision mechanism should be used to prevent venture capital manager's moral hazard. Thirdly, the paper researched and discussed on a set of effective operating mechanism to mitigate information asymmetry risks. And then, suggested that the stock option pricing method is a rational pricing method for venture enterprises.Finally, from the macroscopic point, the author expounded the government should play a positive part in promoting the development of venture capital through some policies to mitigate information asymmetry risks.