Studies On Moral Hazard Of Hi-tech Enterprise Using Venture Capital

With the globalization of economy and the acceleration of industrial structure allover the world, many countries have been paying great attention to the development of hi-tech-industry. From 40s of last century, the success of venture capital in American had promoted the transformation of the hi-tech and impulsed the economy of American. As for China, the development of venture capital has great influence on the development of hi-tech industry, the upgrade of conventional industries and the action of the mode of economy growth. But it is not satisfied in the development of hi-tech-industry and venture capital. Many invest venture capital investing hi-tech enterprise are failed. By studying, there are many reasons for these failures, including technology, capital and market. But the moral hazard is not discussed much. This paper analyses the reason why moral hazard of hi-tech enterprise manager appears with evolutionary game theory, and points out the influence of the moral hazard of hi-tech enterprise manger, and suggests how to deal with the moral hazard of hi-tech enterprise manger. Lastly, it summarizes the research in this paper and points out some shortage, and then proposes several advices for future research.