Venture capital acts greatly on accelerating the transformation of scientific research achievements,propelling hi-tech industries development and supporting innovator venture.But high asymmetric information brings serious agency problem to venture capital,and the special operation mechanism of venture capital lead to double agency relationship:the first agency relationship exists between the venture investor and the venture capitalist;the second agency relationship exists between the venture capitalist and the venture entrepreneur. Agency problem and high uncertainty associated with the entrepreneurial firms lead to high failure rate in venture capital investment.Proper ownership arrangement can reduce agency cost and investment risk.This paper analyzes the basic model of venture capital ownership arrangement by means of the ownership economics,contract economics and finance as well as the relative economics updates.With the analysis of the specific condition of China venture capital property system, the article gives some advice on how to innovate it.
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