风险投资机构公司制与有限合伙制的比较

在风险投资的发展进程中，风险投资机构所采用的组织结构主要有公司制和有限合伙制。在风险投资发展初期较多地采用公司制，但目前则以有限合伙为主。基于对两种组织结构的运作机制运行的简要分析，运用委托－代理理论，从风险投资家期望收入最大化时投资者所能获得的期望收入的角度，分别建立了两种制度安排下的规划模型并求解，对两种组织形式进行了比较研究，从理论上证实了在风险投资中有限合伙制优越于公司制。

Institution Design of Venture Capital

During the development process of venture capital, the mechanisms taken by venture capital organization are the institution of company and institution of limited partnership. Based on the brief analysis of the operation mechanism of the institution of corporate and the institution of limited partnership of venture capital organization, from the point of view of expected income of investor under the condition of the maximization of expected income of venture capitalist, this paper uses the principal agent theory to set up separately the program models of two organization forms and solves them. These two organization forms are compared, which confirms theoretically that the institution of limited partnership is better than the institution of company in venture capital.