委托-代理理论下园区依托型国有创投企业治理问题探析:以张江火炬为例

园区依托型国有创投企业在“大众创业、万众创新”的政策环境以及园区发展转型升级的宏观背景下,具有很大的发展潜力。通过委托代理模型的构建和推导,研究发现:国有创投企业投资行为的期望收入,与委托人的行动效率、受到的限制约束以及代理人的业务水平、努力程度、风险规避度相关。通过张江火炬的个案分析,探讨具有普适性意义的问题,即国有体制下的治理机制与创投行业高度市场化发展之间的矛盾。最后,就如何优化现有国有创投企业治理机制、提升国有创投绩效,提出了建议。

A Study on the Governance of the State Owned Venture Capital Enterprises Based on the Principal Agent Theory:an Case of Zhangjiang

The park type state owned venture capital enterprises have a very good development prospects ,with the current policy environment and macro background .Through the principal‐agent model of construction and inference ,the study found that expected revenue of state owned venture capital enterprises is related with the efficiency of the clients'action and their constraints ,as well as the agent's business level ,efforts ,and risk aversion .The problems encounters in the whole process ,to a certain extent ,reflect the contradiction between the state‐owed system and the venture capital industry ,by considering the case of Zhangjiang and even expanding to a wider range .Finally ,some ideas on how to optimize the corpo‐rate governance and operating mechanism of the existing state‐ow ned venture capital enterprises are put forw ard .