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控制权转移激励是委托代理激励契约的重要元素,但目前对动态学习机制下委托代理激励契约机制设计还缺乏深入研究.本文在现有研究基础上,考虑到风险项目收益风险与职业经理人道德风险之间交互作用,融合控制权转移激励和职业经理人风险规避行为,建立了包含资本和风险规避型职业经理人劳动投入的委托代理激励契约的两阶段优化与学习模型,探究风险投资者的学习机制及其影响因素,挖掘控制权转移激励、风险规避型职业经理人道德风险行为及项目收益风险之间的相互影响机制.研究发现了风险投资者学习效应下控制权转移激励与项目收益风险正相关关系和规模报酬效应.此外,通过计算实验也发现了在职消费及风险项目战略收益对风险规避型职业经理人劳动效用具有显著的增强效应,而风险项目战略收益仅对风险投资者投资收益具有显著的增强效应.将控制权转移激励、风险规避型职业经理人道德风险及项目收益风险融合到风险投资委托代理契约设计中具有较强的理论价值,同时对风险投资者和职业经理人来说都有一定的借鉴和参考意义.
The transfer of control right is an important element of the contract of agency incentive.However, there is a lack of deep research on the design of the contractual incentive contract mechanism under the dynamic learning mechanism.This paper, on the basis of the existing research, takes into account the risk of return of venture project and the professional manager’s morality The interaction between risk, the integration of transfer of control incentives and risk avoidance of professional managers, the establishment of a two-stage optimization and learning model of agent-incentive contract that includes labor input of capital and risk-averse professional managers, Learning mechanism and its influencing factors and find out the mutual influence mechanism between the transfer of control right and the moral hazard behavior of risk aversion professional managers and the return risk of the project.The research found that the risk of transfer of control and project return risk under the learning effect of venture capitalists Positive correlation and scale reward effect.In addition, through the experiment of computation, it is also found that the on-the-job consumption and the strategic return of the risk project have a significant enhancement effect on the labor utility of the risk-averse professional manager, while the strategic return of the venture project only affects the return on venture capital investment Has a significant enhancement effect It is of great theoretical value to incorporate the transfer of control right, the moral hazard of risk aversion professional managers and the return of project benefits into the contractual design of venture capital agency, and at the same time, it has certain value for venture capitalists and professional managers Reference and reference.