创业投资中投资者自我保护机制

由于创业投资的高风险性 ,特别是因委托代理问题而导致的逆向选择风险和道德风险 ,尤其需要投资者加强自我保护 ,建立有效的投资者自我保护机制。以美国等发达市场经济国家的经验为基础 ,分析了创业投资中的投资者自我保护机制的内容。创业投资中的投资者自我保护机制主要包括 :对投资组织人及投资组织形式的选择 ;多阶段决策程序 ;专业投资、组合投资、联合投资与分期投资 ;复合投资工具的使用 ;对创业企业管理的监督与干预 ;灵活的退出机制等内容。

Investor's Self-protection Mechanism in Venture Investment

Because of the high risks in venture investment, especially the risks called adverse selection and moral hazard which are caused by the problems of principal-agent relationship, it is very necessary for the investors to strengthen the self-protection mechanism. Based on the practices of the countries with developed market-oriented economy, such as in America, the contents of investor's self-protection in venture investment are expourdel and anedyzed.They are investment initiators selecting, multiphase policy deciding, investing by specialization, portfolio, joint-investment and stage, the using of compound instruments of investment ,the management involving in the enterprises, and the flexible exit strategy.