论创业投资的治理结构与风险控制机制  

On the Management Systems and Risk Control Mechanisms of Pioneering investment

作　　者：劳剑东[1] 李湛[1] 

机构地区：[1]上海交通大学管理学院,上海200030

出　　处：《当代经济科学》2001年第3期13-18,共6页Modern Economic Science

摘　　要：创业投资是一种高风险投资 ,在其运行过程中存在严重的信息不对称 ,涉及到两个层次的委托代理关系。如何有效地克服投资者、创业投资家以及创业家三者之间的逆向选择与道德风险问题 ,将是影响创业投资成败的关键。本文运用代理理论 ,对创业投资的治理结构与风险控制机制进行了分析 ,以期在微观层面上理解创业投资的实际运作。Pioneering in vestment is a heavily risky one.It involves dealing with the correlation between principal and agent,and there lies severe informational asymmetry in the course of its operation.It is the key to the outcome of the pioneering investment how to cope with the moral risk and the retrograde choice between investor,pioneering investor and undertaking starter.In this article,analysis has been done on the management systems and the risk control mechanisms so as to make understood the practice of the pioneering investment in macroeconomics.

关 键 词：创业投资 治理结构 风险控制 风险投资 

分 类 号：F830.59[经济管理—金融学] F830.9