论中国风险投资的制度缺陷

我国风险投资业的制度缺陷：从外部投资者与风险投资家 的关系来看，一是合伙制没有得到实行，风险投资的运作行政化；二是融资制度缺乏选择机 制；三是分配制度缺乏激励风险投资家的机制；从风险投资家与风险企业的关系来看，一是 风险投资家不能为风险企业提供增殖服务，从而出现事实上对风险企业的逆向选择；二是风 险投资家难以介入风险企业的经营决策，加上作为代理人的风险投资家的偷懒行为，难以防 范所投资企业的道德风险；从风险投资的制度环境来看，一是退出渠道不畅，使风险投资望 而却步；二是法律制度不健全，导致投资人利益得不到保障。

The institutional defects of Chinese venture investment

The institutional defects of our country＇s venture investment are as follows. From the view of the relationship between external investors and venture investors, firstly, the partnership institution hasn＇t been carried out and the venture investment is operated by administration; secondly, the institution of getting capital lacks choice mechanism; thirdly, the distribution institution la cks the mechanism to stimulate venture investment. From the view of the relation ship between venture investors and venture enterprises, firstly, venture investo rs can＇t offer services of increasing the value of venture enterprises, which co nsequently leads to the regressive choice of venture enterprises; secondly, as v enture investors can＇t take part in the management of venture enterprises, added with the sluggish behavior of venture investors as representatives, it is diffi cult to avoid the moral risk in the invested enterprises. From the view of insti tutional environment, firstly,the withdrawal of investment being not free,ventu re investors hesitate to invest;secondly,the relevant laws and legislation remai n imperfect and the investors' benefit can't be guaranteed.