创业投资代理问题与风险分担机制研究

【作者】 郭四代；

【导师】 刘先涛；

【作者基本信息】 西南石油学院 ， 技术经济及管理， 2005， 硕士

【摘要】 创业投资作为一种非传统、新型的融投资方式,它促使了资金、技术、管理与创业精神的有机结合,是支持创新与创业、发展高技术产业的现代模式蓝本。然而我国创业投资契约理论的研究尚未完全展开,在代理理论的研究中,风险的合理分担与代理风险的制度安排是现有理论探索的难点与薄弱环节。本文根据国内外创业投资代理理论的研究现状,力图从风险分担与风险代理相结合的角度,从宏观和微观两个层次来分析创业投资中各个当事人之间的关系,突破传统委托代理关系下的研究。首先从宏观上来研究投资者、创业投资家、创业企业家三者之间由于风险分担机制而形成的整个代理链条关系,以阐述创业投资委托代理关系的特点:并对代理关系中存在的一些代理问题进行了研究,以便各利益主体采取不同制度安排来适应风险的转移和分担的过程,对风险代理效率的改善和提高具有不同的作用机理。其次,在考虑风险代理条件下,从微观上展开投资者、创业投资家和创业企业家这三个利益主体,对各种委托代理关系路径下的激励约束机制与风险分担机制等问题进行了深入而系统的研究。所以将代理问题与风险分担相结合的研究方式,可以进一步为代理理论的发展提供更加广阔的思路,丰富了代理理论的研究与发展。更多还原

【Abstract】 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.更多还原