論風險投資中的道德風險成因及防范機制

畢業(yè)論文

論風險投資中的道德風險成因及防范機制
 
摘 要：風險投資能夠促進高新技術(shù)產(chǎn)業(yè)化發(fā)展，大力發(fā)展風險投資業(yè)對科教興國將是1個極為重要和關(guān)鍵的現(xiàn)實選擇，但是存在于風險投資體系中的道德風險問題比較普遍，極大地影響了風險投資的效率，并制約著中國在風險投資中的進1步發(fā)展。本文針對風險投資中信息不對稱引起的道德風險問題，進行道德風險成因分析，并提出有實踐操作意義的防范機制，即對道德風險從產(chǎn)權(quán)安排和退出機制兩方面進行防范。論文對策建議部分結(jié)合我國風險投資的特殊性和階段性，有針對性的提出我國應(yīng)逐步引入有限合伙制的組織形式和以IPO退出機制為主的風險投資退出方式，以提高我國風險投資機構(gòu)運作效率，增強其競爭力。

關(guān)鍵字：委托代理；有限合伙制；首次公開上市

By Venture Capital In Moral Risk Origin And Guard Mechanism
 
Abstract: The venture capital industry can promote the high-tech industry development, and developing the venture capital industry energetically is one of the most important and sum key reality chooses for rejuvenate the nation that rely on science and education. But there have affected the venture capital efficiency tremendously while the moral hazard problem that exist in the system is comparatively common, and restricting the further development for venture capital industry in Chinese. In this article, I analyses the cause of the moral hazard problem that information asymmetry arouses in venture capital, and proposed some guard mechanism that have practice operation significance, I.E: guard against the moral risk from two aspects that include the property right arrangement and the withdrawal mechanism . In order to raising the efficiency of the organization operates of our country venture capital, and strengthens whose competition, in the countermeasure suggestion part of this article, unified the particularity and gradualness of our country venture capital, I has pointed proposed that our country should introduce gradually forms a partnership limitedly the system organization form and by the IPO withdrawal mechanism primarily venture capital withdrawal way.

Key words: Consignment Agency; The System of Limited Partnership; Initial Public Offerings

 

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