Venture Capital Funds Operating Mechanism, Information Economics Research

Venture capital, as an investment impalement to sustain new venture, plays an important role in every sections of economic development, such as hatching innovative enterprise, developing Hi-tech industry, opening up occupation market, boosting up occupation opportunity, optimizing resource dispose, cultivating new economic development drop. It had been attached importance by many countries. Researching on venture capital, at the beginning of 80 years', attracts a lots of scholars' eye. With the times changing, It is more different from that in the past.After Alfred Nobel Economics Price was granted to tow economist on researching information economics in 1996, economist in the whole are more and more interested in information economics. And Economists combine information economics theory with researching on venture capital function mechanism continually.Focusing on the topic of venture capital and Appling information economics theory to venture capital function mechanism in this paper, we systemically and deeply analyze three aspect of venture capital function mechanism: venture capitalist evaluation, venture financial structure optimization, venture capital exiting mechanism.(l)0n analyzing the types and the reason of agency risk on venture capitalist, we qualitatively analyses the venture capitalist evaluation index. And we put forward a index system for venture capitalist evaluation.(2)Reviewing the investment tools in common use by venture capital fund, we analyses the reason to use equity investment tools. After we analyses ventures financial structure by information economics theory, we model an simple bargaining model. In this model we discuss the venture capital incentive mechanism under condition of uncertainty.(3)On analyzing venture capital exiting modes, we discuss the primary factors that effect the investment term of venture capitalist.