风险投资中的投资者自我保护机制

由于风险投资的高风险性 ,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。风险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。

On the 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 problem of principal agent relationship, it is very necessary for the investors to strengthen the self protection mechanism. Based on the practices in countries with developed market oriented economy, such as America, the contents of the investor's self protection in venture investment ,which include the investment initiators selecting, the multiphase policy deciding, the investing by specialization, portfolio, joint investment and stage investment, the using of compound instruments of investment, the management involving in the enterprises, and the flexible exit strategy, is expounded and analyzed in this paper.