Research On How The Property Rights Insufficiency Impacts Venture Capital Operational Performance

Venture capital scale expands unceasingly in our country in recent years,but the backward performance and the advanced dimension leading a stark divide,the crux of the problem lies in the defects of property rights caused by backward property rights system.So it is necessary to study deeply the defects of property right relationship with the venture investment operation performance.And property right mechanism perfect compared to the United States,European countries,our country venture capital institutions has long been faced with serious separation and usufruct of control and ownership subject fause,demisability right administrative controls such as property right defect problem,and the property right defect which occurred in the transaction cost in the process of venture investment in China is expensive,weaken the incentive mechanism and absence of value-added services,running performance of the venture capital industry made a significant negative impact.As a result,the defects of property right of the mechanism of action of venture investment and operating performance,ways,not only can make up this aspect of the theory,and the development of venture capital of our country also has very important practical significance.Based on the research Angle of the diversity,the author will with double-agent theory as the starting point,in the new institutional economics,modern property rights economics,finance and related economic theory on the basis of the present situation of venture investment industry in China,the property right defect influences the performance of venture capital operation related question for theoretical analysis and empirical test.This paper first analyzes the property rights of venture capital defect phenomenon and produce,use double principal agent theory analysis of venture capital three behavior main agent relationship,and then based on this theory from the theoretical analysis of the property right defect influence mechanism on venture capital operation performance: transaction cost superposition mechanism,incentive the role of Weakening Mechanism and value-added services lack of mechanism,find out the specific measure of the mechanism,quantitative analysis was carried out to validate the mechanism.Then the use of IPRI(the degree of protection of property rights)as a measure of property impairment,from the perspective of empirical analysis of correlation between property defects and venture capital operation performance.The research shows that the property rights defect has significantly influenced the operation performance of venture capital caused by three main mechanisms: the higher the defect degree,the lower the performance of venture capital operation.The research includes the combination method of theoretical analysis and empirical analysis,the combination method of qualitative analysis and quantitative analysis,mechanism and path of the property defect effect on venture capital operation performance was systematically combed,which enriches the academic short board and the theoretical system of this one,provides a scientific theoretical guidance system for defect our specification and optimization of property rights,provides specific countermeasures and suggestions for the healthy development of venture capital in China.