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Business incubator catches more information of the incubated enterprises than venture capital in their cooperation, which mainly causes the management cost and information rent.In this paper, a two-player asymmetric information game model is developed with the main aim of finding a proper cooperative mode of business incubator and venture capital in its best interest to maximize their profit.In the internal cooperation (cooperative mode Ⅰ), incubators share information with venture capital completely.In the external cooperation, if incubators not share information with venture capital (cooperative mode Ⅱ), incubated enterprises declare different information to incubator and venture capital; if incubators share information with venture capital(cooperative mode Ⅲ), incubator would transfer information to venture capital completely, each participator still pursue its individual maximum benefits.In different cooperation mode, management cost and information rent are different.On analysis of the asymmetric information situation of different cooperation, we find that internal cooperation has a higher management cost of business incubator and venture capital, and a lower information rent compared to external cooperation.Thus, we propose a floating project reward proportion and information sharing incentive system on purpose of inspiring the cooperation behavior.