法律效力、信任与创业投资合同强度选择

创业投资的外部治理是提升创业投资绩效的重要制约因素.尝试将信任子博弈引入创业投资双边道德风险模型,分析了不同法律环境及社会信任文化背景下,创业投资合同的强度与创业企业绩效之间的关系.结论显示,当处于法律效力较高的法律环境中时,高约束力的合同是最优的选择;而在法律效力较低的情况下,高信任度的社会文化有利于增强创业投资家和创业企业家之间的信任、提高创业企业绩效.

The Effectiveness of the Legal System,the Trust in Culture,and the Choice of the Strength of Venture Capital Contracts

Venture capital's external government has important effect on its performance.The paper try to analyze the relationship between the strength of a society's legal system and the performance of a venture in different social culture and different legal system under the condition of venture capitalist's effort and entrepreneur' effort unobservable by introducing sub-game of trust into a double-sided moral hazard model.The results indicate that the optimal contract may be with higher punishment and stronger control when the legal system is stronger or perfect.While improving the trust between venture capitalist and entrepreneur may be more important to the development of venture when the legal system is weak or imperfect.