【作者】 廖忠梅；

【导师】 刘春杰；

【作者基本信息】 浙江大学 ， 政治经济学， 2003， 硕士

【摘要】 在跨世纪的社会经济发展战略中，发展高新技术产业无疑是世界各国产业结构提升的重要手段，也是一个国家获得长期竞争优势的主要源泉之一。经过了二十多年的飞速发展，我国高新技术产业已经取得了可喜的成果，但是与欧美等发达国家相比仍存在着巨大的差距。为了加快我国高新技术产业的发展，亟需构建对其提供有效动力的风险投资运营微观监控机制。这需要借鉴西方发达国家风险投资运营微观监控机制的成功经验，并掌握风险投资运营微观监控机制的运作机理，尤其是内生性动力机制—内在激励和约束机制的代理成本的组成及其作用；以此指导我国建立起有效的风险投资运营微观监控机制，推动我国风险投资的加速发展。 本文旨在研究和揭示风险投资运营微观监控机制的各种特殊机制。论文主要运用委托代理学、契约经济学和信息经济学以及相关的经济学前沿理论，以现代市场经济国家的风险投资实践为经验背景，采用实证研究与规范研究相结合的研究方法，对风险投资运营微观监控机制进行全面系统地研究。 风险投资运营微观监控机制包括投资安排机制、参与管理机制、风险控制机制、企业治理机制、内在激励机制和约束机制等特殊机制。各种特殊微观运营监控机制相互作用，相互影响。内在激励机制和约束机制作为风险投资发展的内生性动力机制，起着关键作用，内在激励和约束机制实际上就是如何减少风险投资家和企业家的代理成本，最大化地实现投资者的利益。本文通过建立风险投资委托代理模型，从理论上研究风险投资家和风险企业家之间的代理成本的构成及其制约因素，以此建立有效的激励和约束机制；并总结了国际成熟的投资安排机制、参与管理机制、风险控制机制、企业治理机制等特殊风险投资运营微观监控机制经验。最后，基于前文对风险投资运营微观监控机制的分析，构建了尚处初级阶段的中国风险投资运营微观监控机制的发展模式。更多还原

【Abstract】 In the development strategy of social economic, developing high tech industry is the key point of economy development in every nation, and is one of the main sources to gain long-term national competitive advantage. After more than twenty years’ development, China’s high technology industry has got the first step. There is a huge gap in the high tech industry between China and the developed country. In order to speed up the development of our high tech industry, we must build up the microcosmic monitor mechanism of venture capital operation, which offer our high tech industry efficient momentum. So we need to make use of the successful experiences of developed country, and master the principium of microcosmic monitor mechanism of venture capital operation, especially the structures & effect of incentive & restriction mechanism, which can instruct us how to set up effective microcosmic monitor mechanism of venture capital operation.This paper focuses on all sorts of special mechanisms of microcosmic monitor mechanism of venture capital operation. It is based on the theory of the principal agent , contract economic and information, along the line of venture capital practice of the modern market economical nation, adopting the means of theoretical and demonstrative research, the paper makes an entirely systematic research on the microcosmic monitor mechanism of venture capital operation.The microcosmic monitor mechanism of venture capital operation includes investment arranging mechanism , joining management mechanism , corporate governance mechanism , incentive & restriction mechanism and so on. Every microcosmic monitor mechanism affects one another. The incentive & restriction mechanism, which is the internal dynamical mechanism, is the key point of microcosmic monitor mechanism of venture capital operation, actually it is how to reduce the agency cost between venture capitalist and entrepreneur and maximize the investor profit. Based on researching the structures & effect factor of agency cost through building up the model of venture capital principal agent, the paper sets upeffective incentive & restriction mechanism. The paper summarizes the international mature experiences of investment arranging mechanism, joining management mechanism , corporate governance mechanism and so on microcosmic monitor mechanism of venture capital operation. Finally, based on the analysis of microcosmic monitor mechanism of venture capital operation, the author builds up China’s developmental model of microcosmic monitor mechanism of venture capital operation.更多还原