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本文主要是从交易费用和代理经济学角度来谈风险资本市场的公司治理,文章先是对契约理论作了番回顾,简单介绍了其结构及内容,然后分别就风险资本的组织形式,投资者和风险资本家之间的委托代理关系,风险资本家与企业家之间的委托代理关系作了具体的论述。
This paper mainly discusses the corporate governance of venture capital market from the perspective of transaction costs and agency economics. The article first reviews the contract theory and briefly introduces the structure and content of the contractual theory. Then it discusses the organizational structure of venture capital, The relationship between principal-agent of venture capital and principal-agent relationship between venture capitalists and entrepreneurs.