本文对国内外有关风险投资的契约安排研究情况进行了综述,建立风险投资机构和风险企业之间的关系模型,针对中国风险投资业的具体情况,分析了不同合同形式下,投资机构和风险企业的行为选择,研究结果表明优先股合同最适合我国的风险企业,国有风险资本只有投资于成熟项目才可行。 This paper reviews the research on the contractual arrangement of venture capital at home and abroad, establishes the relationship model between venture capital firms and venture firms, analyzes the specific conditions of venture capital industry in China, analyzes the relationship between investment institutions and venture firms under different contractual forms, The result of the research shows that the preferred stock contract is most suitable for the venture in our country and the state-owned venture capital is only feasible if it is invested in the mature project.