Study On The Principal-agent In Venture Capital In High-tech Enterprises In China

The21st century, along with the further development of economic globalization, theindustrial structure, economic structure of the speed up adjustment in the worldwide spreadquickly, high-tech industry has become the first choice of all countries, has also become oneof the sunrise industry of our country’s economy. The high-tech enterprises is an importantfoundation for the development of high-tech industries, is to adjust the industrial structure,economic structure and improving the national competitiveness of the new force, occupies avery important strategic position in China’s economic development. High-tech enterprises ofhigh investment, high risk and high yield of determined the characteristics of traditionalinvestments difficult to meet its development needs, and venture capital activities as aninnovative investment and financing, in order to promote the development of high-techenterprises which has played a positive role in promoting this.Although the authorities concerned to vigorously promote the development of venturecapital, but for a long time, China’s venture capital has a series of problems, as venture capitalinvolves investors, venture capitalists and high-tech entrepreneurs in three main body,therefore, in the entire investment in its operational process, there are special dualprincipal-agent relationship, not only the formation of the principal-agent relationshipbetween investors and venture capitalists, but also in the formation of the principal-agentrelationship between venture capitalists and high-tech entrepreneurs. This dual principal-agentmechanism, the high-risk venture capital, technology professional, has led to a seriousinformation asymmetry between principal and agent, making the principal-agent problems,principal-agent risk increase, especially in the China’s venture capital is still in the initial stageof the case, even more so.In this paper from the domestic and foreign scholars’ research results and practicalexperience, and on the basis of risk investment from the financing, the whole process ofoperation of investment, first introduced the theories of venture capital and high-techenterprises, as well as the relationship between the two; then, using the principal-agent theory,g information asymmetry theory, and combined with game model, a more systematic analysisand research of the three involved in the main operation and investment process-betweeninvestors, venture capitalists and high-tech entrepreneurs caused by principal-agent problem,that is the problem of adverse selection and moral hazard; And then, through the relevant dataand material analysis of the development status of China’s venture capital and principal-agentproblem; Finally, on the basis of foreign venture capital experience, combined with the realityof China’s venture capital, from the principal-agent point of view to resolve and to preventadverse selection and moral hazard suggestions to improve the operating efficiency of the venture capital, venture capital to be able to successfully achieve "harmony" between thepeople, in order to help high-tech enterprises in China venture capital theory and practice.