Agency Problems Of The Venture Capital And Risk-sharing Mechanism

As a kind of non-traditional, new-type melting and investment way, venture capital is impelling organic integration of fund, technology, management and venture spirit, which is the basis for the developing high-tech modern enterprise model. But in domestic the research of contract theory in venture capital has not been totally launched yet. In acting for the research of the theory, venture share resonablely and the system arrangement of agency are the difficult and weak point of the present agent theory. Based on the development of the theory of principal-agent and combining the present situation of agent theory in venture capital at home and aborad, this current thesis intends to study the relations among evey interests subject from the persepcetives of venture share and risk agent and from macro & micro points of view, so as to aim at directing the investment practice in China by breaking through the research that the tradition entrusts under agent relation. Under the mechanism of venture share the ranges studied includes the relations of investors , venture capitalist and venture entrepreneur at firs,and analysis three interests subject on risk angent pocess and the pricinpal-agent relationship of the whole chain,so as to make out the characteristic of pricinpal-agent relationship in venture capital.And we studies some problems of agent theory existing in agent relation, so that all interests subject adopt various of mechanism arrangement which adapts to the shift and share of venture and improves efficiency of risk agent that has different function mechanism.Secondly, considering venture agent, we launch these three interests subject: investor, venture capitalist and venture company,and deep to study systematicly such problems as mechanism of promoting, restricting and mechanism of venture share under various kinds of pricinpal-agent relationship routes ,etc.So the research way to combine the problem of agency with venture share can offer wider thinking for the development of the agent theory further, and enrich the research and development of the agent theory.