【摘要】 文章从风险投资微观运作过程入手,对风险投资“退出”内涵进行了系统的界定,详细分析了风险投资“退出”的微观经济功能。文章认为:风险投资“退出”由风险投资项目退出和风险投资基金退出两部分内容构成,是针对风险投资中存在的双重委托———代理关系的最佳制度安排。更多还原

【Abstract】 Based on the studying of venture capital micro-operation process, this paper defines the contents of venture capital exit systematically, analyses the micro-economic function of the venture capital exit in detail. It forms an opinion that the venture capital exit consists of two parts: the venture capital project exit and the venture capital fund exit, which is the best institution arrangement against the double principal and agency relationships in venture capital.更多还原