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論風(fēng)險(xiǎn)投資中的道德風(fēng)險(xiǎn)成因及防范機(jī)制
畢業(yè)論文
論風(fēng)險(xiǎn)投資中的道德風(fēng)險(xiǎn)成因及防范機(jī)制
摘 要:風(fēng)險(xiǎn)投資能夠促進(jìn)高新技術(shù)產(chǎn)業(yè)化發(fā)展,大力發(fā)展風(fēng)險(xiǎn)投資業(yè)對科教興國將是1個(gè)極為重要和關(guān)鍵的現(xiàn)實(shí)選擇,但是存在于風(fēng)險(xiǎn)投資體系中的道德風(fēng)險(xiǎn)問題比較普遍,極大地影響了風(fēng)險(xiǎn)投資的效率,并制約著中國在風(fēng)險(xiǎn)投資中的進(jìn)1步發(fā)展。本文針對風(fēng)險(xiǎn)投資中信息不對稱引起的道德風(fēng)險(xiǎn)問題,進(jìn)行道德風(fēng)險(xiǎn)成因分析,并提出有實(shí)踐操作意義的防范機(jī)制,即對道德風(fēng)險(xiǎn)從產(chǎn)權(quán)安排和退出機(jī)制兩方面進(jìn)行防范。論文對策建議部分結(jié)合我國風(fēng)險(xiǎn)投資的特殊性和階段性,有針對性的提出我國應(yīng)逐步引入有限合伙制的組織形式和以IPO退出機(jī)制為主的風(fēng)險(xiǎn)投資退出方式,以提高我國風(fēng)險(xiǎn)投資機(jī)構(gòu)運(yùn)作效率,增強(qiáng)其競爭力。
關(guān)鍵字:委托代理;有限合伙制;首次公開上市
By Venture Capital In Moral Risk Origin And Guard Mechanism
Abstract: The venture capital industry can promote the high-tech industry development, and developing the venture capital industry energetically is one of the most important and sum key reality chooses for rejuvenate the nation that rely on science and education. But there have affected the venture capital efficiency tremendously while the moral hazard problem that exist in the system is comparatively common, and restricting the further development for venture capital industry in Chinese. In this article, I analyses the cause of the moral hazard problem that information asymmetry arouses in venture capital, and proposed some guard mechanism that have practice operation significance, I.E: guard against the moral risk from two aspects that include the property right arrangement and the withdrawal mechanism . In order to raising the efficiency of the organization operates of our country venture capital, and strengthens whose competition, in the countermeasure suggestion part of this article, unified the particularity and gradualness of our country venture capital, I has pointed proposed that our country should introduce gradually forms a partnership limitedly the system organization form and by the IPO withdrawal mechanism primarily venture capital withdrawal way.
Key words: Consignment Agency; The System of Limited Partnership; Initial Public Offerings
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