文档介绍：河北经贸大学
硕士学位论文
风险投资中的双边道德风险及其控制机制研究
姓名:李树河
申请学位级别:硕士
专业:企业管理
指导教师:黄玉杰
20090501
风险投资中的双边道德风险及其控制机制研究
摘要
风险投资由于其独特的作用日益受到各国政府的重视。风险投资的功能和作用集中
体现在三个方面:一是有利于高新技术产业化,二是有利于推进企业创新,三是有利于
推动金融技术创新和资本市场的完善。
风险投资家向风险企业提供增值服务,是风险投资区别于其他融资方式的重要特
征。风险投资家与风险企业家的努力水平及能力对企业的成功都很重要,而风险投资中
信息非对称情况是双向的,因而可能产生双边道德风险。本文的研究重点就是通过控制
权的相机配置治理这种双边道德风险。本文主要包括以下内容:
首先,本文介绍了风险投资中双边道德风险控制机制的基本理论。这部分主要包括
以下内容:风险投资中相关概念;风险投资中双边道德风险的内涵、成因、表现形式及
影响;风险投资中控制权配置的特征和具体形式。
其次,本文介绍了控制权的相机配置模型。这部分包括以下内容:泰勒尔的融资模
型在风险投资控制权配置中的应用;双边激励模型在风险投资控制权配置中的应用;控
制权的相机配置模型在双边道德风险治理中的应用。
最后,本文介绍了风险投资中控制权相机配置的实际应用。主要包括:风险投资中
控制权配置的一个典型案例。
关键词:风险投资双边道德风险控制权
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河北经贸大学硕士学位论文
Abstract
Because of its unique role, venture capital increasingly attracts the attention of
governments. The functions of venture capital focus on the following three aspects: firstly ,it
is propitious to the industrialization of high and new technologies ,secondly ,it promotes
enterprise innovation and thirdly it promotes financial technical innovation and the perfection
level of the capital market.
The unique character that venture capital different form other financing methods is the
venture capitalist provides added services to venture firm .The efforts and capabilities of
venture capitalist and venture entrepreneur are both important for the ess of the
venture .The double-sided asymmetric information may lead to double-sided moral hazard .In
this paper, the study focuses on the management of double-sided moral hazard by the
contingent distribution of control right . The main contents of this paper are as f o11ows:
Firstly ,we describe the basic theory about the control mechanism of double-sided moral
hazard in venture capital. This part includes mainly the following aspects :Related concepts of
venture capital .The concept, causes, performance and impact of the double-sided moral
hazard in venture capital .The characteristics and