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Principal-Agent Analysis And Machine-processed Design On Venture Capital Fund

Posted on:2003-04-19Degree:MasterType:Thesis
Country:ChinaCandidate:M N LiFull Text:PDF
GTID:2156360092465766Subject:Technical Economics and Management Studies
Abstract/Summary:PDF Full Text Request
Venture Capital is one of important ways to developing high technology industry in our country. But in the past, because our government became the main investor in venture capital, most venture capital company are inefficient, abnormal, and there are seriously shortage of capital in chinese venture capital. Developing venture capital fund can settle this troubles. However, because the supervision in our financial market is weak, the legal system and the credit system are defective, it is necessary to research how to design the machine-processed of venture capital fund. If we find the most suitable machine-processed, we can lower the cost of development. There are double Principal-Agent relationship in venture capital fund, so the Principal-Agent theory is suitable for research the game between investor and found management .Dissertation used Principal-Agent theory as a basic theory ,and to be based on the characteristics of venture capital fund. Because venture capital fund's risk is very high but the mobility is poor, so the agent has more chance to take bribes and harm principal's benefit. Dissertation modify the classical model, used new parameters in the utility function, set up the Principal-Agent model about venture capital fund. Furthermore, Dissertation also set up the signaling model about venture capital fund. Then dissertation discussed the different result of different fund machine-processed. Dissertation discussed how to improve the out supervision of venture capital fund and give some advise. There are some policy and law obstruct in developing venture capital fund, dissertation give some advise about how to solve it, dissertation discussed how western to developing venture capital fund also.
Keywords/Search Tags:venture capital fund, Principal-Agent theory, game model, supervision system, incentive system
PDF Full Text Request
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