Font Size: a A A

Study On Governance Mechanism In Limited Partnership Venture Capital Institution

Posted on:2014-05-10Degree:MasterType:Thesis
Country:ChinaCandidate:C Y MaFull Text:PDF
GTID:2256330401483765Subject:Business management
Abstract/Summary:PDF Full Text Request
Venture capital is also called risk investment, it is a kind of equity investmentwhich the capital is provided by investors,it’s through specialized agency for startupenterprises to invest, operate and manage.This specialized agency is called venturecapital institution,Venture capital institution has three forms on the legal form,limited partnership, corporate system and trust system. In the United States, more than85%of the venture capital institutions adopt the form of limited partnership; they haddeveloped a large number of international famous companies successfully, likeMicrosoft, IBM, Intel, and apple and so on. The venture capital in our country startedrelatively late, it first started in the early1980s with a history of only about30years.Before the new “partnership enterprise law” carried out, most of the venture capitalinstitutions in China adopt corporate system, on establishment, operation andmanagement they all according to the company procedure. June1,2007theimplement of new “partnership enterprise law” established the legal status for limitedpartnership venture capital institutions, many venture capital institutions began tochoose this flexible form of organization, the development of venture investment inChina on a new step. In the practice of the development process, the limitedpartnership venture capital institutions increasingly show its powerful advantages onthe fund-raising and internal governance due to its strict contract arrangement andunique mechanism design. But there are still many problems hindered the healthydevelopment of limited partnership venture capital institutions.The article from the perspective of limited partnership venture capital institutionsof governance which is divided into seven chapters. The first chapter is introduction,mainly introduce the research background, research status at home and abroad,research ideas and methods, make a comb on the whole structure. The second chapteris the theoretical basis; mainly include the information asymmetry theory, theprincipal-agent theory and company governance theory, to pave the way for thefollowing analysis. The third chapter mainly analyzes the contractual arrangementsand governance mechanisms of limited partner and general partner; it is the focus ofthis chapter. This part from the perspective of incentive constraint mechanism and supervision mechanism made a detailed analysis of governance mechanism to thegeneral partner. The fourth chapter mainly has carried on the detailed analysis to thegovernance mechanism of venture capital institutions and the invested enterprises.The Involved governance mechanisms include incentive constraint mechanism andrisk control mechanism. The fifth chapter analyzed the external governance of limitedpartnership venture capital institutions. In the process of analysis, first analyzes theproblems facing in the development of venture investment in our country, and then inview of the problems puts forward some corresponding solving measures. The sixthchapter is case analysis, by referencing the Will Capital to verify the theoreticalcontent. The last chapter is conclusion and outlook; it made a summary about thewhole article and pointed out the shortcomings and deficiencies of the article and thedirection of efforts after.
Keywords/Search Tags:Venture Capital, Limited Partnership, Governance Mechanism, Incentive, External Governance
PDF Full Text Request
Related items