| Venture capital has undergone the development of more than half centuries. As a nontraditional and innovative investment and financing in the new economic system, venture capital has been sweeping over the world again. This study focuses on the whole process of principal-agent relationship in venture capital, making a relatively complete and systematic analysis of the points of it. The paper researches the dual- principal-agent problem in venture capital(the principal-agent problem between venture investor,venture capitalist and venture entrepreneur) through principal-agent theory,information economics,game theory and other relative theories and methods.Based on the practice abroad and domestic actual situation, this paper makes a further study of the principal-agent problem in venture capital. By analyzing the principal-agent relationship in venture capital, this paper puts forward the relevant solutions to settle the dual-principal-agent problem. To solve the first kind of principal-agent problem(principal-agent problem between venture investor and venture capitalist),we should permit the limited partnership. The paper also analyses the feasibility when permitting the limited partnership in our country. To solve the second kind of principal-agent problem(principal-agent problem between venture capitalist and venture entrepreneur),we should be engaged into the management of the venture enterprise. The paper also analyses the external environment to consummate the management of the venture enterprise.Besides, confusion is easily incurred because there are many names of venture investor,venture capitalist and venture entrepreneur in the existing studies, especially between venture investor and venture capitalist. If they have been mixed up, the two layers of the principal-agent relationship will be confounded, either. I consider naming is the base of the researching. No other than the naming is correct, it is possible to continue the research later. So the paper unifies all the names. |
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