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Research On The Organization And Governance Of Venture Capital Institute

Posted on:2004-05-09Degree:DoctorType:Dissertation
Country:ChinaCandidate:X J FangFull Text:PDF
GTID:1116360095462313Subject:Agricultural Economics and Management
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The dissertation focuses on the organization and operation in enterprise institutions. With the relevant economic theories in information economics, institutional economics, and financing economics etc. The dissertation begins from the origin backgrounds of venture capital institution, grasps the reasons generation of the venture capital institution, a financing agency institution, and then the dissertation analyzes the organization and governance in the typical venture capital institutions. The dissertation ,on the consideration of our practical operation,especially analyzes the compatibility of Limited tied up Corporation in China , and puts forward corresponding policy suggestions .Based on the analysis of topic selection and back-looking of relevant literatures , with the implements of Information Economy ,Principal-Agent Theory , Inspiration Theory , Investment-Return Theory ,Anticipate-Utility and so on ,the dissertation first sets up the theory model on the generation of the venture capital institution ,and then analyzes the necessity and the rationality of its generation .The dissertation mainly gets to the following conclusions :(1)TechnoIogical economy becomes the main driven factor for economic growth ,which enable the generation of enterprise capital .(2)As a newly thriving financing agency , venture capital institution can solve the problem of Adverse Selection and Moral Hazard relatively better by means of supervision and supplying services . (3)As an Economic man, the venture capital institution can get higher Anticipate Utilities from the more risky enterprise investment.Second, with Principal-Agent theory and Trade Fee Theory, the dissertation sets up an analyzing frame of the affectivity of venture capital institution , and analyzes the progressing process and inner reasons of all kinds of venture capital organization . The systemized investor takes advantages over non- systemized investor. The typical organization and affectivity of venture capital institution are emphasized.The research shows that the balance between agency returns and agency costs is a critical factor determining capital venture organization and scale. Comparing with the other investors, the organized the venture capital institutions gathers large quantities of capital ,can afford the cost of investigation and supervision ,and can not only conquer the Free-Riding problem but also supervise the enterprise . Considering the institutional arrangement, limited ties up corporation lowers the trade fee in venture capital market. Considering the Principle-Agent relation, it also facilitates the compatibility between discipline and inspiration. All kinds of enterprise formations will finally be replaced by limited tied up corporation is determined by the essential characters of enterprise capital and inner requirement of institutional arrangement.Third, with the institution change theory, the dissertation discusses the characters of the changes in history and institution in China. And with the analysis of investigation materials , the dissertation also describes the organization, basic characters, and the problems in firm organization ,and goes into the reasons of the current condition of venture capital institute with the pass-depending theory .Research shows that Chinese venture investment ,which is induced by intellectual economy and then is propelled by government ,goes from induced institutional change to forced institutional change .Governmental venture capital plays a critical role in Chinese venture capital organization ,which also has an obvious "pass dependence" character .Beginning from primary and current conditions ,under the frame of firm organization , Certain practices of limited tied up corporation is cited .Although limited ties up corporation is limited by the current laws and regulations , limited obligation corporation can overcome the problem by copying the limited ties up corporation .The owner can conveniently stimulates the salary regulation with the operator which is similar to limited...
Keywords/Search Tags:venture capital organization, governance, path dependence, property restriction
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