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风险投资作为一种专门为新兴企业提供资本支持和创业管理服务的集合投资制度,与传统的融资方式相比, 主要在组织形式、投融资方式和公司治理机制三个方面实现了制度创新。从新制度经济学的角度分析,其优越性主要体现在三个方面:一是可以有效地减少融资中的交易费用,从而提高储蓄转化为投资的效率;二是可以有效地减少融资过程中的信息不对称及其所产生的逆向选择和道德风险问题;三是通过建立有效的激励和监控机制,来减少融资过程中的代理人风险。
As a kind of collective investment system that provides capital support and start-up management services for emerging enterprises, venture capital has achieved system innovation in three aspects: organization form, investment and financing and corporate governance mechanism compared with the traditional financing methods. From the point of view of the new institutional economics, its superiority mainly embodies in three aspects: First, it can effectively reduce transaction costs in financing, so as to improve the efficiency of saving into investment; Second, it can effectively reduce the information in the financing process Asymmetry and the adverse selection and moral hazard problems it produces. Third, by reducing the risk of agents in the financing process by establishing effective incentive and monitoring mechanisms.