多任务视角下政府创业投资的激励机制研究  

Study on Incentive Mechanism of Government Venture Capital from Multi-task Principal Agent Perspective

作　　者：王斌 WANG Bin(University of Chinese Academy of Sciences, Beijing 100039 China)

机构地区：[1]中国科学院大学经济与管理学院,北京100039

出　　处：《电子科技大学学报（社科版）》2022年第4期35-43,共9页Journal of University of Electronic Science and Technology of China(Social Sciences Edition)

基　　金：北京市社会科学基金项目(19ZDA12).

摘　　要：【目的/意义】结合政府引导基金参股子基金投资运作的多任务特征,设计面向双重任务的激励契约能够引导基金管理人合理分配努力投入,从而提高投资运作的效率,确保政策目标的实现。【设计/方法】引入任务重要性系数、努力成本系数和可测绩效方差,构建双重任务下基金管理人的激励契约,并在两项任务独立、互补和替代3种情形下,分析了相关参数对激励契约的影响。【结论/发现】当两项任务相互关联时,对给定任务的激励同时受到与两项任务有关参数变化的影响,与另一项任务有关的参数变化对给定任务施加影响的方向取决于两项任务的关联属性。引导基金应根据任务的重要性、努力成本和可观测性的不同制定差异化的激励方案,并根据相关参数的变化对两项任务的激励水平进行调整。[Purpose/Significance]According to the multi-task characteristics of investment operation of venture capital fund sponsored by Government Guide Fund,designing a dual-task oriented incentive contract can guide the fund manager to allocate effort reasonably,so as to improve the efficiency of investment operation and ensure the realization of policy objectives.[Design/Methodology]By introducing the task importance coefficient,effort cost coefficient and measurable performance variance,an incentive contract for fund managers with dual task is constructed,and the impact of relevant parameters on the incentive contract is analyzed in three situations when two tasks are independent,complementary and substitutive.[Conclusions/Findings]The incentive for certain task is affected by the changes of parameters related to two tasks when two tasks are interrelated.The direction in which a given task is affected by the changes in parameters related to another task depends on the attributes of the relationship of the two tasks.The Guide Fund should formulate different incentive schemes according to the difference in the importance,effort cost and observability of the task,and adjust the incentive level of the two tasks according to the changes of relevant parameters.

关 键 词：政府创业投资引导基金 多任务委托代理模型 激励机制 

分 类 号：F830.91[经济管理—金融学]