另一种信息不对称通常被称之为“隐蔽行为”,即交易的一方不能观察到另一方的有关行为,由此产生的是“道德风险”,也即了解信息的一方有为谋求自身利益而损害另一方利益的动机,这种行为的后果会使另一方付出高昂的代价。道德风险在任何投资环境下均会发生,但是在创业投资条件下更容易发生。 Another type of asymmetric information is often referred to as “covert behavior,” meaning that one of the parties to the transaction can not observe the other party’s related conduct, resulting in “moral hazard,” meaning that one party who has access to the information has self-interest While undermining the motive of the other’s interests, the consequences of such acts will cost the other party a high price. Moral hazard can occur in any investment environment, but is more likely to occur under the conditions of venture capital.