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园区依托型国有创投企业在“大众创业、万众创新”的政策环境以及园区发展转型升级的宏观背景下,具有很大的发展潜力。通过委托代理模型的构建和推导,研究发现:国有创投企业投资行为的期望收入,与委托人的行动效率、受到的限制约束以及代理人的业务水平、努力程度、风险规避度相关。通过张江火炬的个案分析,探讨具有普适性意义的问题,即国有体制下的治理机制与创投行业高度市场化发展之间的矛盾。最后,就如何优化现有国有创投企业治理机制、提升国有创投绩效,提出了建议。
The reliance state-owned venture capital enterprises in the park have great potential for development under the macro-environment of the policy environment of “public entrepreneurship and innovation” and the transformation and upgrading of the park. Through the construction and derivation of principal-agent model, the author finds out that the expected income of investment activities of state-owned venture capital firms is related to the client’s operational efficiency, constraints and constraints, as well as the agent’s business level, effort and risk aversion. Through the case analysis of Zhangjiang Torch, we discuss the issue of universal significance, that is, the contradiction between the governance mechanism under the state-owned system and the highly marketized development of venture capital industry. Finally, some suggestions are put forward on how to optimize the existing state-owned venture capital corporate governance mechanism and enhance the performance of state-owned venture capital.