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国防科技成果转化风险投资中存在复杂的双边委托代理关系。有效的风险投资契约,有助于解决国防科技成果转化风险投资中的双边委托代理问题,协调好风险投资者与军方代表之间的关系。解决利益冲突、克服权利与义务不对称及减少代理人问题,应该将国防风险企业中的剩余索取权和决策权配置分离,决策权应尽量多地分配给风险投资者,而剩余索取权的分配应随着军方代表的努力程度对剩余份额的弹性而变化。
There is a complicated bilateral agency relationship in the transformation of national defense science and technology achievements into venture capital. The effective venture capital contract can help to solve the problem of bilateral agency in transforming venture capital into venture capital and coordinate the relationship between venture capitalists and military representatives. To resolve conflicts of interest, overcome the asymmetry of rights and obligations and reduce the number of agents, it is necessary to separate the residual claims and the allocation of decision-making power in the defense-risk enterprises. The decision-making power should be allocated to the venture investors as much as possible while the residual claims The flexibility of the remaining shares should change with the level of effort on the part of military representatives.