論風險投資中的道德風險成因及防範機制
摘 要：風險投資能夠促進高新技術產業化發展，大力發展風險投資業對科教興國將是1個極為重要和關鍵的現實選擇，但是存在於風險投資體系中的'道德風險問題比較普遍，極大地影響了風險投資的效率，並制約著中國在風險投資中的進1步發展。本文針對風險投資中資訊不對稱引起的道德風險問題，進行道德風險成因分析，並提出有實踐操作意義的防範機制，即對道德風險從產權安排和退出機制兩方面進行防範。論文對策建議部分結合我國風險投資的特殊性和階段性，有針對性的提出我國應逐步引入有限合夥制的組織形式和以IPO退出機制為主的風險投資退出方式，以提高我國風險投資機構運作效率，增強其競爭力。
關鍵字：委託代理；有限合夥制；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