Venture capital's governance mechanism research based on the dual principal-agent-research review and future prospect of the abroad

摘要

The twice specialization of division produces dual principal -agent relationship in venture capital among initial investors, venture capitalists and entrepreneurs. This duple principal-agent relationship is the core and important path of venture capital governance research. In fact, the dual principal-agent relationship of venture capital is the focus of research. This paper reviews the literature of venture capital governance in abroad. The purpose is to provide a reference for our research. The results show that the venture capital governance researches in abroad are based on developed capital markets and rich databases. These researches using the principal-agent theory, incomplete contracting theory and corporate control theory study the principal-agent relationship between venture capitalists and entrepreneur. Especially the empirical research is attractive. However, there are few studies related to the principal-agent relationship between initial investors and venture capitalists. We believe that the research emphasis is the governance between investors and venture capitalists in future. At the same time, the financial governance is also important aspect in the future research.