Chapter four mainly discussed the legislative obstacles encountered when developing venture capital fund with the form of corporation for the moment and the instructions on reforming the capital system and inner administration mechanism and adopting the stimulating mechanism.
Thesecond section firstly analyzing the conception of venture, venturecapital and venture capital fund, then the connotation of forms of theventure capital and the factors affecting the choice of the forms of theventure capital fund.
In order to make a practical investment law,the legal differences between the the venture investment fund and security investment fund are compared in 20 aspects
The thesis reveals American venture fund in eight aspects. The development of American venture fund benefits from the favorable circumstance, including advanced financing market, government support, high technology industry and venture culture.
In China ,the industrial investment fund is divided into venture fund,infrastructure investment fund and state-owned enterprises restructuring investment fund. It has more rich content than foreign venture capital fund.
On thebasis of Cobb Douglas production function, for the first time, this dissertationproposes trilateral-games model from the perspective of corporate governance, makestwo double principal-agents connect closely and creates a logic analysis frameworkabout venture funds principal-agent mechanism.
本文根据Cobb Douglas 生产函数,从公司治理的角度,对创业投资基金的三方博弈进行分析,提出了三方博弈模型,使创业投资基金三方博弈的双层委托代理有机结合起来,形成了创业投资基金委托代理机制的逻辑分析框架。
Therefore, study on theprincipal-agent mechanism of venture funds is important to the improvement ofventure capital theory and meaningful in guiding our venture capital development.
Although many scholars study the double principal-agent relations of the three sidesof venture funds from the perspective of asymmetry of information, they study theprincipal-agent of two parties separately and do not joint three sides together.
Kanniainen and Keuschnigg (J Corp Finance 9:521-534, 2003) develop a theoretical model based on economic factors that shows how a venture capital fund should set its portfolio size in order to achieve optimal returns.
Hence, we contend that general partners of venture capital funds also use their prior venture capital fund management experience, which we refer to as social capital, to overcome the difficulties they face in solving the above optimization problem.
I highlight the challenges that the spin-off process poses, the impracticality of directly financing firms through internal venture funds, and the ways in which universities can add value to faculty ventures.