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Venture capital ownership structure of the institutional arrangements


Administrator control over the size of the industry by the cost constraints of knowledge, because knowledge and information is the basis for decision-making. With the expansion of business enterprises and professional development, knowledge of the cost increase, from venture capital companies the cost of making more and more managers, with a corresponding control of the venture investment enterprises should be changed from manager to entrepreneur transfer. Agency costs from the venture capital business manager and the information asymmetry between entrepreneurs, as the business matures, asymmetric information due to the continuous exchange between the two decreased, resulting in reduced agency costs,[link widoczny dla zalogowanych], control over the natural transfer of the entrepreneurs. Third, corporate venture capital gives managers the opportunity to protect their rights and proper compensation. Start-ups in the operation process, the possible Then some mechanism needs to be able to start automatically give venture capital to protect their rights and interests of corporate managers the right to require re-allocation of control. Such as the expansion of equity ratio, the restructuring of the Board, the replacement of managers. This is consistent with the efficiency principle. [Notes] �� In general, the exercise of property rights consists of two levels of meaning, one legal aspects of the property confirmed that the ownership. Second, the actual rights under the law recognized that under certain ownership arrangements for the concrete implementation, it gives ownership to the actual contents of a direct consequence of economic operation. The new system of economists is the second case study. This is why I have endorsed and adopted in subsequent analysis of the concept. This concept can refer to a 58 a H �� Rodham Seitz, D. c. North, Covic and Svetozar Ping Yin Fu was discussion of other scholars. �� in this organization among the venture capital business manager's position is very important, 4E4 ~ '1 in fact owned and managed venture capital, is to contact the capital providers and end users of the central capital. Therefore,[link widoczny dla zalogowanych], the situation of property rights should be based venture capital venture capital property owned by corporate managers as the core for analysis,[link widoczny dla zalogowanych], rather than from venture capital, �� organization's performance on domestic scholars point of view is different,[link widoczny dla zalogowanych], some scholars believe that the limited liability company system may not be suited to venture capital sector venture capital operation. The system only requires a reasonable design. But do not deny the limited partnership system design is reasonable. �� start-ups in the ), in the early days, the non-financial indicators may be more important. [
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