Study on the Configuration of Income Distribution Right of the First Agency Relationship in Venture Capital

摘要

Double Principal Agent Relationship is the remarkable characteristic of Venture Capital. The adverse selection and moral hazard problems formed by it increased agency costs. In the U.S., the limited partnership is the general organization forms of Venture Capital Institutions. The reason is its reasonable Income distribution mechanism. In this paper, the reasonable configuration of Income distribution right of the limited partnership is used for reference to solve the adverse selection and moral hazard problem of Venture Capital Institutions. And the objective is to reduce the agency costs.