风险投资过程代理风险控制模型研究

风险投资过程中,由于信息不对称所造成的代理风险是导致投资高风险的一个重要因素。因而,如何有效地控制风险投资过程中的代理风险,是确保投资成功的重要环节。对投资机构与风险企业之间关系进行了模型化,比较系统、全面地研究了投资过程中所面临的逆向选择和道德风险问题。通过模型化研究从理论上分析产生这两类代理风险的原因,并在此基础上探讨了如何规避和降低这类风险的方案和措施。

Model Research on Agent Risks of Capital Investment

Agent risks brought about by asymmetrical information is the main factor leading to a high failure rate of a venture capital investment. How to effectively control the situation in which the agent risks is to occur is a primary concern for investors in their effort to ensure a success and to avoid a failure in the investment.With a model to typically specify the relationship between agents and investors or the enterprises bearing the risks,this paper systematically summarizes across the board the adverse choice and moral problems in the venture capital investment,and theoretically analyzes the cause to bring it about.It also elaborates the way of how to create a mechanism to prevent it from occurring.