Research On Venture Capitalists' Human Capital Valuable Function And Incentive-Restrictive Contract Mechanism

Venture capital can be essentially regarded as the financial capital integrated with human capital, It is the perfect unite of venture capital and human capital. As the central system of venture capital's two principal-agents, venture capitalists are the soul of the venture capital, they play the most import role in the venture capital activity. venture capitalists' human capital has a strong ability of allocating resources, it has double functions including maintaining and increasing venture capital value, and offer service for the venture firms. The quantity and quality of venture capitalists' human capital determines whether or not the venture capital can succeed. The international and domestic existing literature mostly studies venture capitalists indirectly using the principal-agent theory, organizational learning theory, social fair theory or network relation theory etc, there is rare research studying the problem from the angle of human capital. Our study makes an aborative and integrated analysis of venture capitalists' human capital, the analysis includes venture capitalists human capital's definition , valuable function, characteristics, quantity subdivision, it's property right confirmation and realized mode, disciplinarian of acquirement, the relationship between venture capitalists' human capital and venture capital performance etc. in addition, the thesis studies the optimum contract which can incent and restrict venture capitalists to make their best efforts for the venture capital, and concludes that when the risk-neutral venture capitalists are endowed with residual claim rights, the optimum incentive contract can bring into effect. Venture capitalist's reputation effect and unlimited responsibility compose the self-fulfillment mechanism of restrictive contract. The limited partnership accords with the optimum incentive and restrictive contract's characteristics. Finally, the thesis analyses the predicament that venture capitalists are facing now in china, and brings forward corresponding suggestion, meanwhile, the thesis analyses maneuverable incentive and restrictive mechanism for our country's venture capitalists.