风险投资的合约解释  

The contract explanation of the venture capital

作　　者：许港[1] 

机构地区：[1]西安邮电学院经济管理系,陕西西安710061

出　　处：《西安邮电学院学报》2007年第4期65-69,共5页Journal of Xi'an Institute of Posts and Telecommunications

基　　金：陕西省软科学项目(2006KR21);信息产业部软科学研究项目(2006R014)

摘　　要：一般的看法将风险投资作为一种委托代理问题来处理,在委托代理的框架下来解释风险投资的合约性质。本文认为仅仅通过委托代理理论并不足以描述风险投资的行为特征,文中明确指出正是由于不确定所引起的交易费用的变化,才导致风险投资行为的产生,风险投资在本质上实际是一种在高不确定下的分成合约。From general view, venture capital is usually dealt as a kind of the agent problem, which is used to explain the contract nature of venture capital under the frame of the agency theory. But from this article, the agency theory is not complete enough to describe the behaviour nature of venture capital, which takes the essence of venture capital as a sort of income - share contract under high uncertainty. It points out that the appearance of venture capital behaviour is caused by the uncertainty of transaction cost changing.

关 键 词：合约结构 不确定性 定额合约 分成合约 交易费用 

分 类 号：F830.59[经济管理—金融学]