Venture Capital as an Alternative Means to Allocate Capital: An Agency-Theoretic View
从代理理论视角审视风险投资中的资本配置过程，分析其中潜在的代理成本问题，并为未来研究提出方向。
The venture capital process is one of many methods of capital allocation. In a capital allocation process, investors acquire funds; potential investments are Identified and reviewed; Investment terms are negotiated; the investment must be monitored and ultimately harvested. The capital allocation process is full of potential agency problems. The venture capital process In particular provides a rich setting for the analysis of agency cost issues. This paper reviews the capital allocation process that occurs in venture capital investments. Suggestions are made for future research to study the role that agency cost issues play In the venture capital process.