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A Research Of Principal-Agent Problem

Posted on:2005-05-11Degree:MasterType:Thesis
Country:ChinaCandidate:J GeFull Text:PDF
GTID:2156360122494934Subject:National economy
Abstract/Summary:PDF Full Text Request
In the age of knowledge-driven economy, the international competitiveness of a county depends on the development of the high and new technical industry to a great extent. The successful experience of a lot of countries indicates, Venture capital plays a very important role in modern economic development. It has driven the high-tech enterprise from childhood accelerating the scientific and technical result, from weak to strong considerable development, the ones that and then has driven the whole economy are flourishing and prosperous. The important historical action of venture capital has already been known by more and more persons, People call venture capital "engine of economic growth". The history of venture capital in China is very short, show the strong vitality from the beginning, This has close relations with the scientific and technological level of our country and scientific and technical industrialization state. For many Years, our country have never crowded into the front row of the world in science and technology horizontal line, Lausanne international management and development institute's report that published in 1997 according to the World Economic Forum, the scientific and technological level of our country arranged 23 global location in 1994, dropped to 27 in 1995, dropped to the 28th again in 1996. In recent year, though the scientific and technological level of our country improves rapidly, there is not essential improvement to the transformation of productivity in the scientific and technical result, the proportion of output to GDP of the domestic Hi-Tech industry is about 10% at present, far lower than the developed country by 30-40%.There are a lot of factors that decline China's scientific and technological level, but the support of capital to the technological development and industrialization of technical result are insufficiently. A main function of venture capital is to turn technology or the idea into realistic productivity, therefore during the structuring of national technological innovation system, to establish and prefect system of venture capital become indispensable, so, have important theory meaning and practice meaning when study the inherent administration mechanism of venture capital.The structure of the full text divides into five chapters.Chapter one, it sums up the research and operation analysis of venture capital. First of all, it explains the nature of venture capital. Secondly, it analyzes research state and new development about venture capital's theory abroad. At last, it describes the operation process of venture capital.Chapter two, it discusses the contract, information and motivational theory in modern economic. First of all, it analyzes agency problem and agent cost produced in the principal-agent. Secondly, it analyzes the method that how to design a contract to against agent risk, Again, it analyzes incompletely contract and enterprise ownership. At last, it expounds the problem of agency risk, implicit contract and implicit incentive. It is the foreshadowing of content to analyze the theoretical foundation of venture capital deeply and completely in this chapter.Chapter three, it analyzes principal-agent relations among participator .First of all, it analyzes principal-agent relation b between Venture investor and venture capitalist. Secondly, it analyzes principal-agent relation between venture capitalist and venture enterprise. This chapter is the basics point of departure to solve the principal-agent problem.Chapter four, it expounds the settlements of problem to solve principal-agent. First of all, explain the model of principal-agent. Secondly, emphasizes the principal-agent relations between venture investor and venture capitalist, venture capitalist and venture enterprise.Chapter five, it expounds problem of principal-agent in our country. First of all, explains venture capital's development of our country. Secondly, discuss the problem emerged in principal-agent relationship of our country. At last, draw lessons from foreign countries' ex...
Keywords/Search Tags:venture capital, principal-agent, contract design, implicit contract, Limited Partnership
PDF Full Text Request
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