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政府应参与到创业风险投资领域已达成共识,但是关于政府的参与方式问题依然存在争议。本文在委托代理理论的基础上,以多重任务的委托代理模型为原型,构建了政府与投资机构之间的委托代理模型。比较政府在直接投资方式和跟进投资方式的效用价值,得出在引导基金模式下,跟进投资与直接投资相比,政府的效用价值更优的结论,并通过统计数据进行了实证分析及验证。
There is a consensus that the government should participate in the field of venture capital investment. However, there is still controversy over how the government participates. On the basis of principal-agent theory, this thesis takes the multi-task principal-agent model as the prototype, and builds the principal-agent model between the government and the investment agency. Comparing the utility value of the government in the direct investment and follow-up investment, we conclude that the government’s utility value is superior to the direct investment in direct investment and direct investment, and the empirical analysis is made through the statistical data. verification.