Research On The Principal-Agent Relation Of Venture Capital

Venture capital is under the kownledge economy condition, with the special-purpose inevitable result that makes for the technology of the characteristic and venture capital sport up of high knowledge. The principal-agent relation of venture capital refers to in venture capital, total of the principal-agent relation of venture capital established between investors and venture capital firm, between venture capital firm and venture firm, between investors and venture firm.Carry on research to the principal-agent relation of venture capital, start to combine and get greater development in the 1990s in the eighties of the 20th century abroad. Study assessment and decision that the direction concentrates on venture capital mainly, encouragement contract among the venture capital firm and venture firm, the organization of the behavior subject builds up in the behavior, venture investor's function, venture capital function. Domestic research begins with the end of 1990s. Research field to dispose concern, agent organizational form, venture capital mechanism and contract person who arrange for respect, behavior of subject in control power mainly. According to existing research results, though has made a series of progress, they have common defects: Ignore the "four high" characteristic of the information structure of venture capital, cause the principal-agent relation of characteristic of venture capital not to be remarkable. Stand position in neutrality is it treat venture capital client and relation between the agent to come. Do not have it in term of trusting agent relation to be whole, study and analyse the courseand result of venture capital. There is no relation between the principal-agent relation of venture capital performance of clear venture capital and performance of venture capital market.Carry on systematic research to the principal-agent relation function, route, relation of the contract and performance of venture capital, it is a very valuable job. It shows mainly: Help to promote the setting-up and development of the national innovative system, help to promote the development of new high-tech industry of our country, help to improve the performance of the venture capital market of our country, is favorable to the innovation of one's own system of venture capital.So this paper "four high" characteristic start with, from trust agent relation angle to analyse the course and result of venture capital from venture capital information structure. Will stay to reflect the performance of the venture capital market through the principal-agent relation performance of venture capital in ownership studied. Through appraising to the performance, on one hand, state the improvement of the principal-agent relation performance of venture capital, positive role and influence produced to the performance of the venture capital market. On the other hand, should improve the principal-agent relation of venture capital, require the internal and external environment of venture capital to adjust dynamically.Because of this, this paper carries on expanding research to the principal-agent relation of venture capital from several following respects. First of all, this paper on the basis of the basic conception of the introduction and relevant theories, "four high" characteristic go on research from venture capital information structure especially, special mechanism that the principal-agent relation of analyzing venture capital forms. The paper enters space structure within principal-agent relation of venture capital, one degree of frames of analysing of agent relation four-dimension of principal-agent relation of establishing venture capital,in order to analyse the course and result of venture capital. Degree analyse frame in four-dimension, venture cost transform's function, venture cost transform's route, venture cost transform's contract three of relation that cost transform link joint of degree, the course that the principal-agent relation of venture capital transforms to the venture cost. And the result transformed, but the fourth links is venture cost transform's performance. Therefore, these four link one degree of principal-agent relation forming venture capital to the analysis frame of transforming course and performance of the venture cost.Secondly, four that the principal-agent relation of analysing venture capital in detail transforms to the venture cost are linked degree. First of all, it is analysed that venture capital is trusted the linking degree first of agent relation, namely venture cost transform's function, has explained the principal-agent relation forming process of venture capital carries on the course which transforms function to the venture cost. Second, trust the second in agent relation to link degree to venture capital, namely venture capital transform's route, is it analyse , increase progressively in order to remuneration divided the work to prove effect and transaction cost whether venture capital transform foundation that route choose to launch. Third, on the basis of above-mentioned research, trust the third in agent relation to link degree to venture capital, namely venture cost transform's contract of relation , has analysed and explained, prove . Fourth, it is discussed that venture capital trusts the fourth in agent relation to link degree, namely the venture cost transform's performance. Is it set up the venture agent efficiency model, to try, is it improve venture act for many agent's incentive mechanisms of efficiency to propose. In this way, link one degree of commission transformation course and performance to the principal-agent relation of venture capital which have analysed venture capital from four in an all-round way.Finally, carried on real example analysis to the principal-agentrelation of venture capital of our country. On the basis of comparing principal-agent relation of domestic and international venture capital, combine four-dimension degrees of frame of analysing, describe of our country principal-agent relation characteristic of venture capital, venture cost transform's function possess basically, transform route not to is it lack to have, contract of relation loses efficiency and the performance think the system not perfect mainly. And then, adopt SCP to analyse the frame, the principal-agent relation performance to venture capital of our country, namely the performance that the venture cost transforms, has carried on the real example and analysed, it is an inefficient conclusion to draw the performance of the venture capital market of our country. To what a agent relation performance question of improving venture capital of our country, have proposed the improvement suggestion on policy, market, property right, organizing and humane respect.The innovation of this paper is clicked, concentrate on the following several respect mainly:Firstly, the paper points out the information structure of venture capital has characteristic that "four high". Namely the highly movable of information, the height uncertainty of information, height unsymmetry of information and high incompleteness of information. In existing research, the information structure of venture capital is relying mainly on height unsymmetry of information.Secondly, the principal-agent relation intension of the paper to venture capital has carried on the new explanation. The principal-agent relation of venture capital is that one kind specially trusts agent relation the two-way chain type that the venture cost of venture capital turns into the prospective earnings, or is called two-way chain type venture agent relation. But not already there is what research institutes have thought, it is one kind from investor to venture capital firm of the venture, and then from the one-way principal-agent relation to venture capital firm ofventure firm of the venture.Thirdly,one degree of frames of analysing of agent relation four-dimension that the paper structures the venture capital. Course and result that the principal-agent relation of analysing venture capital transforms to the venture cost. This kind of analysis frame, is different from studying to stay existingly mainly in the client or the agent individual "clicks" notably, or the client and acting for the research of the relation on "line" of principal and agent.Fourthly, the paper points out it is a kind of dynamic two-way principal-agent relation between the venture capital firm and venture firm (or the compounding type is trusted agent relation). Existence of this kind of principal-agent relation form , cause venture capital firm and venture firm of contract of' relation in case two-way reverse choice adverse selection and moral hazard focal points.Lastly, the paper has proposed many agents (venture capital firm and venture firm) encourage the system. The paper attempts to improve dividing the work networkedly the venture capital that the structure reflects is trusted the networked effect of agent relation, improve the performance of the venture capital market.