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风险投资是一种高风险的投资行为,目的是获得潜在的高收益。由于代理成本和信息不对称的存在,风险投资家要对所投资的企业进行监控,最好的监控方式就是入住董事会,以节约监督成本。风险投资家不仅提供资本,而且会起到替代其他关联外部人的作用,他们通常会以积极的方式参与到公司管理与决策中,为所投资企业实现价值增值提供服务,从而提升企业的价值。
Venture capital investment is a high-risk investment, the purpose is to obtain potential high returns. Due to the existence of agency costs and asymmetric information, venture capitalists should monitor the enterprises they invest in. The best way to monitor is to check the board of directors to save supervision costs. Venture capitalists not only provide capital, but also play an active role in the substitution of other related outsiders. They usually participate in the management and decision-making of the company and serve the value-added of the invested enterprises so as to enhance their value.