我国风险投资机构激励约束机制研究

[]2004-06-01[][](01CGJ002)[](1964-),,,,(,310027)[]2080,,,,;,,,,[];;[]F83[]A[]1008-942X(2005)02-0082-08,,,,83%[1],,,,,,[2],,,,:,,,,;,,,,(10),(13)[3],,,35220053()JournalofZhejiangUniversity(HumanitiesandSocialSciences)Vol.35,No.2Mar.2005,198042.5%,199581.2%,,,,,,,,,,,,,,,,[4],:(),,1%,,,20%,,;99%,,,80%,,1:11:,,1%20%,,382:,,,,,()710,,13,4,,,,,,35,,,,,,,,,,()11,,,,,,21,;,,,,,31,;,,(),,,,,,,48()35,1%,,,;,,,;,,,,:(),,,,,,,,,,,,,,,,13%,,,,,,,,[5](),,,,,,,,,,,,,,,,,,,582:,,2000,,,,,,,,(),,30:,,;35:,,,2:,,,,,;19:;39:,,,,,,,,,,[6](),,,,:,,,,,,(5%),,,,,(),,,,68()351975199723,1618%,,,,1994,,;20012211026,,(),80%,,,1978,,(ERISA),1979,,,,(1),,207090,119781980198719911992199319941998()42712455378152920112545476624300(%)1530394242594760(%)101910538911.4(%)321612121171210.6(%)1613155151196.6(%)188141211425.5(%)91410241811215.9:PaulGompers(1999),JournalofVentureCaptital,March,1999[7]20044,782:,20032171%,,3%,,,,200453510197819941994,1400,40%,,,20043,9980,4844,48.5%,,,,20041,11163,,,,,,,,,,,,(),,,,,,,:;;;;;;,:11,21,,,31,[][1],.[M].:,2002.[2].[J]..2003,(2):33-38.[3],,.[M].:,2000.[4],.[J].,2003,(2):59-61.[5],,.[M].:,2001.[6].[J].,2003,(7):28-31.[7]PaulGomper,JoshLerner.AnAnalysisofCompensationintheU.S.VentureCapitalIndustry[J].JournalofFinancialEconomics,1999,(51):3-44.[]88()35AStudyofIncentiveandConstraintMechanismofVentureCapitalInvestmentInstitutionsinChinaNIUHai2xia(DepartmentofInternationlEconomyandTrade,ZhejiangUniversity,Hangzhou310027,China)Abstract:Inordertosolveincentiveandconstraintproblemsbetweencapitalprovidersandventurecapitalists,venturecapitalistsandventurefirms,venturecapitalinstitutionsindevelopedcountrieslikeUShaveadoptedlimitedpartnershipasmainorganizationalformsince1980s.Rightsandliabilitiesbetweenlimitedpartnersandgeneralpartnersinlimitedpartnershipofventurecapitalinvestmentinstitutionsaresymmetric;limitedpartnershiphasfixedduration;andthereareexplicitcontractprovisionstoconstrainthebehaviorofgeneralpartners;therearealsocertainincentivemechanismprovidedforinlimitedpartnership.Allofaboveadvantagesoflimitedpartnership,combinedwithadvantagesofgeneralpartnershipfirms,havecircumventedsophisticatedbalancemechanismofcorporateinstitutions,therefore,aremoresuitableforcharacteristicsofventurecapitalinvestment.Inaddition,limitedpartnershiphasadvantagesofloweroperationcostsandmorefinancingconveniences.Atpresent,venturecapitalinvestmentinstitutionsinChinaarebasicallybusinesscorporateunderpublicundertakingsystem,whichnotonlymakesitdifficulttoresolvepropertyrightsagencyrelationshipbetweenventurecapitalprovidersandventurecapitalists,butalsobearsdisadvantageofhigheroperationcostsincurredbyinformationasymmetrybetweenagentsandprincipals.Therefore,mainsolutiontoincentiveandconstraintproblemsbetweenventurecapitalprovidersandventurecapitalistsistoestablishlimitedpartnershipsystem,whichisalsooneofurgenttasksofventurecapitalinvestmentinstitutionsinourcountryatpresent.Firstly,legalbarrierswhichwouldaffecttheestablishmentoflimitedpartnershipsystemofventurecapitalinvestmentinstitutionssuchasthosefoundinGeneralRulesofCivilLaw,PartnershipEnterpriseLaw,InsuranceLaw,CommercialBanksLawandAdministrationMeasuresofPensionFunds,mustbeovercome.Atthesametime,thebuildingoftwomainsubjectsoflimitedpartnershipmustbeenforced.Keywords:VentureCapitalInvestmentInstitutions;LimitedPartnership;IncentiveandConstraintMechanism:20041217,,,,982: