Research on financial governance characteristics of venture capital institutions

摘要

Venture capital based on double principal-agent theory is typically different from general independent project investment. Current researches are rarely involved in analyzing and summarizing financial governance characteristics of venture capital. This paper studies financial governance characteristics of venture capital institutions that are in the middle of venture capital double principal-agent chain. By describing the contents of the financial governance of venture capital, and analyzing its characteristics in different organizational structures, the study shows, venture capital agencies, initial investors in upstream and risk investment enterprises in downstream, has interaction and linkage governance characteristics in property arrangement, financial control, financial interests distribution. In the meantime, a larger proportion of the corporate organization, the initial investors have greater financial authority. If limited partnership organization form becomes the mainstream of the venture capital institutions, property rights and control of the partners will be more matched.