风险资本投融资阶段的契约机制的研析.docVIP

摘  要  风险投资作为我国一种新的投资理念正在逐步受到人们的关注，它从一开始 就显示了强大的生命力，并具有自己的独特性质。本文重点分析了其相关的决策 主体风险投资者、风险资本家和风险企业家之间形成的双层委托代理关系，即风 险投资者与风险资本家之间以及风险资本家和风险企业家之间的契约关系。由于 存在严重的信息不对称性，导致了他们之间存在复杂的利益冲突，最终使帕累托 最优不能实现。因此本文研究的目的就是利用契约理论为解决风险投资者和风险 资本家、风险资本家与风险企业家之间的冲突提供科学依据，从而提高整个风险 投资的收益。 首先，文章对选题的背景和意义，契约理论的国内外综述以及研究方法和研 究思路作了简要的介绍；接着回顾了风险投资的概念、风险投资的特征、风险投 资的参与要素、一般契约理论以及逆向选择和道德风险，并对风险投资中的契约 关系作了说明。 其次，分析风险资本融资阶段的契约机制研究，从逆向选择和道德风险的产 生开始，分别建立相关模型，分析如何化解和降低风险投资者与风险资本家间的 逆向选择与风险道德问题；接着分析了风险资本投资阶段的契约机制研究，主要 对风险资本家和风险企业间的金融投资工具和投资方式的选择做深入的阐析。这 部分内容是本文分析的重点。 最后是文章的结论与展望。 关键词：风险资本；契约机制；逆向选择；道德风险 I ABSTRACT Recently, the research on Venture Capital (VC) has aroused great concern in people’s life. It shows strong vigor at the very beginning with its unique features. From the view of contract theory in this paper，investors, venture capitalists and entrepreneurs form double-sided agency relation. The asymmetric information during the three participators bring complicate interest conflicts, the optimal Pareto solution cannot be achieved. So the research on the purpose of this paper is to use contracts theory to solve a complicated benefits conflict that makes by investors, venture capitalists and entrepreneurs, thus raising the income of the whole risk investment. Firstly, the article introduces the background and meanings, the domestic and international overview of the contract theories and the research methods and the research way of thinking. Then the article looked back the venture capital concept and factors, general contractual theories, adverse selection and moral hazard. Also it explains the contract relation. Secondly, the article analyzes the contract mechanism during the financing stage between the investors and venture capitalists. From the view of adverse selection and moral hazard, we build up the related model respectively, analysis how dissolve and lower the adverse selection and moral hazard between the investors and venture capitalists. Then the article analyzes the contract mechan