Study On The Operation Mode Of State-owned Vc Firms Under Multi-level Principal-agent Relationship

Under the guidance of the spirit and financial measures to document the development of multi-level capital market incentives and long-term science and technology policy, China’s domestic venture capital (venture capital) experienced from scratch, from the " seed money " to the primary source of capital for SMEs, from high-tech industry boosters to strategic emerging industries grew up capital protection. But with China’s market economic system has improved, the relevant policy reforms involving venture capital has not synchronized, after more than a decade after the development of state-owned venture capital company either as a State-owned sector regulatory agencies, or state-owned venture capital companies are facing their own dilemma. This paper aims to study the relationship between the agency theory, how to establish operations in line with our policies, regulatory framework and efficient, risk control, appropriate incentives, constraints powerful state-owned venture capital companies market business model. to really play to guide the demonstration of state-owned capital fund role, under the premise of increasing the value of state-owned capital, stimulating a variety of social capital to support our high-tech industry, especially the development of strategic emerging industries, contribute modest force to build an innovative country.achieve " China dream"In order to solve the existing problems in the operation mode of the state-owned Vc firms, researchers believe that the feasible operation mode is:do not change the nature of state-owned capital as seed money, continue to play its role in guiding fund, to support the development of high-tech industry by leveraging social capital. But to solve various problems of state-owned capital operation mode at present only as registered capital formation of direct investment of Vc firms, the state-owned Vc firms can be just as limited partners, Equity formation of state-owned capital formation occupy absolute majority share (less than50%), also don’t do a single largest partner, and the share ratio of no more than20%, according to the operation of the market of venture capital limited partnership enterprises (Fund), and then by the investment fund as the main investor in venture capital business, can solve the problem of asymmetric information, agency chain is too long, the operation efficiency is low and the cost is high, all kinds of problems from the capital to exit the slow, lack of incentive and restraint mechanism, investment managers and loss of state owned assets supervision and administration, the operation practice of the state-owned Vc firms.