∗컒맺럧쿕춶릫쮾뛔럧쿕웳튵벤샸풼쫸믺훆뗄쿖ힴ벰뛔닟퇐뺿 닌 샲 떥 뻼 (벪쇖듳톧맜샭톧풺ꎬ벪쇖뎤뒺ꎬ130025) 햪튪ꎺ놾컄틔캯췐듺샭샭싛뫍럧쿕춶샭싛캪믹뒡ꎬ퓚닻쫶럧쿕춶릫쮾뛔럧쿕웳튵벤샸풼쫸믺훆짨볆훷튪쓚죝뗄믹뒡짏ꎬ춨맽컊뻭뗷닩럖컶쇋컒맺럧쿕춶릫쮾뛔럧쿕웳튵벤샸풼쫸믺훆뗄쿖ힴꎬ쳡돶쇋컒맺럧쿕춶릫쮾뛔럧쿕웳튵벤샸풼쫸믺훆짨볆뗄뻖쿞뫍뛔닟ꆣ 맘볼듊ꎻ럧쿕춶 벤샸풼쫸믺훆 뛔닟 Study on the Status and Strategies of Incentive and Control Mechanism of Venture Capital Firms to Entrepreneur in China Cai Li Shan Jun (School of management, JiLin University, ChangChun, 130025) Abstract: According to the agent theory and venture capital theory, this paper illuminates main contents of incentive and control mechanism of venture capital firms to entrepreneur. Then this paper analyzes the status of incentive and control mechanism of venture capital firms to entrepreneur in china through questionnaires. Lastly, this paper puts forward the designing strategies of incentive and control mechanism of venture capital firms to entrepreneur in china based on clarifying the restraints of Chinese status. Keyword: Venture capital, Incentive and control mechanism, Strategies 1. 틽퇔 럧쿕춶폖돆뒴튵춶ꎬ훷튪쫇뛔돵뒴웚룟탂벼쫵웳튵쳡릩놾횧돖ꎬ늢퓚럧쿕웳튵랢햹떽쿠뛔돉쫬뫳벴췋돶춶ꎬ틔믱뗃룟뛮놾퓶횵믘놨뗄튻훖쳘쫢뷰죚놾ꆣ퓚럧쿕춶쾵춳훐ꎬퟷ캪캯췐죋뗄럧쿕춶볒(릫쮾)뗄샻틦튪뾿듺샭죋벴럧쿕웳튵볒뗄탐뚯살쪵쿖ꎬ럧쿕춶볒(릫쮾)벴쪹닎폫놻춶럧쿕웳튵뗄맜샭ꎬ튲늻뿉쓜쿳럧쿕웳튵볒쓇퇹듓쫂웳튵뗄죕뎣맜샭릤ퟷꎬ헢뻍룸폨럧쿕웳튵볒쿲럧쿕춶볒(릫쮾)틾싷ퟔ벺뗄탐캪뫍웤쯻탅쾢쳡릩쇋뿉쓜ꆣ떱럧쿕춶볒(릫쮾)뫍럧쿕웳튵볒샻틦랢짺돥춻쪱ꎬ럧쿕웳튵볒뻍뿉쓜샻폃헢훖늻뛔돆탅쾢ퟶ돶뛔럧쿕춶볒(릫쮾)늻샻뗄탐캪톡퓱ꎬ뗀뗂럧쿕뻍닺짺쇋ꆣ틲듋ꎬ죧뫎훆뚨튻헻쳗췪짆뗄벤샸풼쫸믺훆살욽뫢럧쿕춶릫쮾폫럧쿕웳튵볒횮볤뗄샻틦맘쾵ꎬ붵뗍듺샭럧쿕돉캪럧쿕춶릫쮾맘힢뗄붹뗣컊쳢횮튻ꆣ뛔폚컒맺룕룕탋웰뗄럧쿕춶튵뛸퇔ꎬ죧뫎퓚컒맺쿖쪵맺쟩쿂훆뚨탐횮폐킧뗄벤샸풼쫸믺훆ꎬ룼쫇컒맺럧쿕춶퓋탐훐쏦쇙뗄훘튪뿎쳢ꆣ 2. 럧쿕춶릫쮾뛔럧쿕웳튵벤샸풼쫸믺훆짨볆뗄훷튪쓚죝 럧쿕춶릫쮾뛔럧쿕웳튵뗄벤샸풼쫸믺훆쫇횸ꎺ럧쿕춶볒춨맽뛔럧쿕웳튵볒쪵쪩붱샸ꆢ볠뚽뫍뿘훆ꎬ폐킧뷢뻶럧쿕춶볒폫럧쿕웳튵볒캯췐듺샭맘쾵훐ꎬퟷ캪듺샭죋뗄럧쿕웳튵볒뗄뗀뗂럧쿕컊쳢ꎬ뗷뚯럧쿕웳튵볒뗄믽벫탔ꆢ벤샸럧쿕웳튵볒얬솦릤ퟷ뗄훆뛈탔낲업ꆣ 헢훖훆뛈짨볆쫇틔웵풼뗄탎쪽맡뒩폚럧쿕춶릫쮾뛔럧쿕웳튵듓뷰춶죫떽췋돶뗄헻룶맽돌ꎬ퓚헢튻맽돌훐ꎬ벤샸풼쫸믺훆짨볆뗄훷튪쓚죝냼삨ꎺꎨ1ꎩ춶랽쪽뗄짨볆ꎬ벴뷰죚릤뻟뗄톡퓱ꆢ럖뷗뛎춶뗄톡퓱ꆢ췋돶랽쪽뗄풼뚨뗈ꆣꎨ2ꎩ뿘훆좨뗄뮮럖뫍쪹폃ꎬ벴뚭쫂믡쾯캻ꆢ춶욱좨ꆢ닎폫맜샭뗄랽쪽ꆢ맍펶쳵뿮뗈ꆣꎨ3ꎩ탅쾢엻슶믺훆뗄짨볆ꎬ벴탅쾢엻슶뗄쓚죝뫍탅쾢엻슶뗄랽쪽뗈ꆣꎨ4ꎩ볠뚽믺훆뗄짨볆ꎬ벴헫뛔탅쾢엻슶뗄훊솿뷸탐볠뚽볬닩ꎬ틔좷놣탅쾢훊솿헦쪵뿉뾿캪쒿뗄뗄쫖뛎뗄짨볆ꆣꎨ5ꎩ뿏뚨럱뚨쏋풼뗄짨볆ꎬ벴쫇뛔럧쿕웳튵펦룃 ∗ 놾싛컄쫜맺볒뷜돶쟠쓪믹뷰쿮쒿ꎨ7002502ꎩ뫍벪쇖듳톧죋컄짧믡뿆톧믹뷰쿮쒿(2001BS019)훺
뫍늻펦룃ퟶ뗄쫂쟩ퟷ돶뗄늹돤맦뚨ꆣ(6)놨돪믺훆뗄짨볆ꎬ벴럧쿕웳튵볒뗄킽돪뷡릹ꆣ(7)벨킧움볛폫에뛏ꎬ벴닉폃쓄킩횸뇪살뾼뫋럧쿕웳튵뗄벨킧ꎬ듓뛸뻶뚨뿘훆좨뗄쪹폃ꆢ럖뷗뛎뷰뗄힢죫ꆢ닉폃뫎훖랽쪽췋돶틔벰룸폨럧쿕웳튵볒쪲쎴퇹뗄벤샸놨돪뗈ꆣ 3. 컒맺럧쿕춶릫쮾뛔럧쿕웳튵벤샸풼쫸믺훆뗄쿖ힴ 캪쇋쇋뷢컒맺럧쿕춶릫쮾뛔쯹춶뗄럧쿕웳튵뗄벤샸풼쫸믺훆쿖ힴꎬ퓚2002쓪6-10퓂볤ꎬ컒쏇퓚놱뺩ꆢ짏몣ꆢ뎤뒺ꆢ짲퇴쯄룶뗘쟸뛔럧쿕춶릫쮾뾪햹쇋컊뻭뗷닩뫍쪵뗘럃첸ꆣ듓뗷닩뷡맻뾴ꎬ폫럧쿕춶랢듯뗄맺볒쿠뇈ꎬ컒맺럧쿕춶릫쮾뛔럧쿕웳튵뗄벤샸풼쫸믺훆뮹쿠떱훉쓛ꆣ (1) 춶랽쪽 퓚춶랽쪽랽쏦ꎬ쯄룶뗘쟸뗄럧쿕춶릫쮾퓚춶릤뻟뗄쪵볊펦폃ꆢ샭쿫톡퓱벰펰쿬웤톡퓱뗄풭틲뗈랽쏦뗄뗷닩춳볆뷡맻죧쿂뇭쯹쪾ꎺ 뇭1 쪵볊폫샭쿫춶릤뻟톡퓱뇈뷏 뿉뮻 뿉뮻 웕춨막 뷨듻 폅쿈막 폅쿈막 햮좯 쪵볊 샭쿫 쪵볊샭쿫쪵볊샭쿫쪵볊샭쿫쪵볊 샭쿫욵뛈(%) 83% % %%%50%%% % %뇭2 ퟨ낭톡퓱샭쿫춶릤뻟뗄풭틲 램싉 헾닟 쳘폐뗄 쫐뎡탅폃 웤쯻ꎨ램죋막쇷춨컊 늻퓊탭 늻퓊탭 춶컄뮯뮷뺳늻붡좫 쳢ꆢ믺훆ꆢ첸에컊쳢ꎩ 욵뛈(%) % % % % % 듓짏쏦뗄춳볆뷡맻뿉틔뾴돶ꎬ퓚쪵볊뷰죚릤뻟뗄톡퓱훐ꎬ웕춨막쫇ퟮ뎣폃뗄춶릤뻟ꎬ톡퓱싊룟듯83ꎥꎬ웤폠벸훖뷰죚릤뻟뗄톡퓱싊뻹쿠닮늻뛠ꎬ뛔뢴뫏뷰죚릤뻟뗄톡퓱훷튪벯훐퓚췢럧쿕춶릫쮾훐ꎻ퓚샭쿫뗄뷰죚릤뻟톡퓱훐ꎬ뿉뮻폅쿈막쫇듳뛠쫽럧쿕춶릫쮾ퟮ샭쿫뗄톡퓱ꎬ톡퓱싊듯떽ꎥꎬ웤듎쫇폅쿈막ꎬ퓙듎쫇뿉뮻햮좯ꆣ듳뛠쫽럧쿕춶릫쮾붫닺짺헢훖닮틬뗄풭틲맩폚램싉뫍헾닟뗄헏낭ꎬ톡퓱싊럖뇰듯떽쇋ꎥ뫍ꎥꆣ듓훐뿉틔뾴돶ꎬ컒맺럧쿕춶릫쮾뛔뷰죚릤뻟톡퓱쫜떽맺볒램싉뫍헾닟횱뷓펰쿬ꎬ듓뛸퓬돉쪵볊쪹폃뗄춶릤뻟폫샭쿫훐뗄춶릤뻟톡퓱폐뫜듳뗄닮틬ꆣ (2) 뿘훆좨뗄뮮럖뫍쪹폃ꆣ 퓚뿘훆좨뗄뮮럖뫍쪹폃랽쏦ꎬ컒쏇훷튪뗷닩쇋럧쿕춶릫쮾닎폫럧쿕웳튵맜샭뗄랽쪽뫍춶웵풼떱훐쾣췻펵폐뗄좨샻ꎬ뛔춶욱좨뗄뗷닩닉폃쿖뎡럃첸뗄랽쪽뷸탐ꆣ뗷닩뷡맻죧쿂ꎺ 뇭3 럧쿕춶릫쮾뗄닎폫럧쿕웳튵맜샭뗄랽쪽 뚨웚볬닩돶죎웳퓚맜샭췅뛓캯췐맜샭늻닎폫웤쯻ꎨ닆돶죎웳튵뗄닆 튵뗄뚭훐죎웳튵뢱릫쮾폨틔웳튵맜컱뢨훺ꆢ볠쫂 컱벰짺닺쫂 ퟜ틔짏횰컱맜샭 샭 톯ꎩ 뺭펪쟩뿶욵뛈(%) % % %% % % %
뇭4럧쿕춶릫쮾춶쪱쯹튪쟳뗄좨샻 맜샭닣맍폃샫횰풱릤막컞맽듭훐 튻욱럱뻶좨 웤쯻 뫍뷢맍좨 욱믘릺좨 횹춶좨 욵뛈(%) % % % % % 듓짏쏦뗄춳볆뷡맻뿉틔뾴돶ꎬ듳뛠쫽럧쿕춶릫쮾뛔럧쿕웳튵뗄맜샭랽쪽캪엉죋돶죎웳튵뗄뚭쫂뫍뚨웚볬닩웳튵뗄닆컱벰짺닺뺭펪쟩뿶ꎬ톡퓱뇈싊럖뇰듯떽쇋ꎥ뫍ꎥꎻ튲폐늻뛠뗄튻늿럖럧쿕춶릫쮾엉죋퓚웳튵룟닣훐떣죎뢱ퟜ틔짏횰컱뫍돶죎웳튵뗄볠쫂ꎬ톡퓱싊럖뇰듯떽쇋ꎥ뫍ꎥꎻ듳뛠쫽럧쿕춶릫쮾늻캯췐맜샭릫쮾믲헟훐뷩뷡릹뷸탐맜샭ꎬ룃쿮톡퓱싊횻폐ꎥꆣ럧쿕춶릫쮾퓚럧쿕웳튵떱훐쒱쟳뗄좨샻업탲쫇ꎺ맜샭닣울폃뫍뷢맍뗄좨샻ꆢ튻욱럱뻶좨ꆢ컞맽듭훐횹춶좨ꆢ샫횰풱릤막욱믘릺좨ꆣ춨맽럃첸ꎬ듳뛠쫽럧쿕춶릫쮾퓚춶훐컞램좡뗃뎬맽웤막럝뇈샽뗄춶욱좨ꎬ뚭쫂믡쾯캻틔벰짏쫶좨샻폫웤막럝뗄럝뛮뗄맘쾵믹놾짏돉뇈샽ꎬ맺췢럧쿕춶릫쮾춨맽킭짌뿉틔믱뗃뗄뎬벶춶욱좨퓚훐맺뗄럧쿕춶릫쮾훐펦폃뷏짙ꆣ (3) 탅쾢엻슶벰볠뚽믺훆 평폚탅쾢엻슶뫍볠뚽믺훆뻟폐뫜잿뗄맘솪탔ꎬ틲듋퓚뗷닩훐ꎬ컒쏇붫헢솽룶랽쏦뗄쓚죝ퟷ캪튻룶랽쏦살럖컶ꎬ뗷닩뷡맻죧쿂ꎺ 뇭5럧쿕춶릫쮾맘힢뗄탅쾢 닆컱쫐뎡쿺닺욷퇐죋풱쇷웳튵햽싔웤쯻 탅쾢 쫛탅쾢 랢탅쾢 뚯탅쾢뻶닟탅쾢욵뛈(%) % % % % % % 뇭6럧쿕춶릫쮾믱뗃럧쿕웳튵탅쾢뗄쪵볊ꎭ샭쿫랽쪽뇈뷏 뚨웚믣놨 늻뚨웚볬닩 엉죋맜샭 쟳훺훐뷩 욵뛈(%) 욵뛈(%) 욵뛈(%) 욵뛈(%) 쪵볊 % ꎥ%ꎥ 샭쿫 ꎥ ꎥ % ꎥ 뇭7뛔믱뗃뗄탅쾢훊솿뗄움에 욵뛈(%) 업탲 싺틢 % 2 튻냣 % 1 늻싺틢 % 3 듓짏쏦뗄뗷닩춳볆뷡맻뿉틔뾴돶ꎺ퓚맘힢뗄탅쾢쓚죝짏ꎬ럧쿕춶릫쮾뛔웳튵닆컱뫍쿺쫛뗄탅쾢맘힢돌뛈ퟮ룟ꎬ뇈샽럖뇰듯떽ꎥ뫍ꎥꎬ뻓폚뗚뛾닣듎뗄쫇웳튵햽싔뫍닺욷퇐랢탅쾢ꎬ뇈샽캪ꎥ뫍ꎥꆣ헢쮵쏷컒맺럧쿕웳튵쫗쿈맘힢뗄쫇럧쿕웳튵뗄쿖뷰쇷ꎬ웤듎쫇ퟷ캪웳튵뿉돖탸랢햹웳튵햽싔뫍닺욷퇐랢탅쾢ꆣ춨맽럃첸ꎬ퓚탅쾢엻슶랽쪽짏ꎬ쯄뗘쟸럧쿕춶릫쮾틔쫩쏦믣놨뫍믡틩믣놨캪훷ꆣ 뛔럧쿕웳튵뗄볠뚽ꎬ돽쇋돶죎웳튵뚭쫂믡닎폫웳튵뗄뺭펪뻶닟췢ꎬ쯄뗘쟸럧쿕춶릫쮾믱좡웳튵탅쾢훷튪랽램쫇틀뾿웳튵뗄뚨웚믣놨ꎬ뇈샽캪ꎥꎬ웤듎쫇늻뚨웚뗄볬닩ꎬ뇈샽캪ꎥꎬ뛸퓚샭쿫뗄탅쾢믱좡랽쪽톡퓱훐ꎬ뛔럧쿕웳튵ힴ뿶늻뚨웚뗄볬닩뫍횱뷓엉죋뷸죫웳튵맜샭늿쏅뗄뇈샽폐뷏듳뗄쳡짽ꎬ뚨웚믣놨뗄뇈샽좴쿂붵쇋21룶냙럖뗣ꎬ헢쮵쏷럧쿕춶릫쮾뛔럧쿕웳튵뗄탅쾢뗄좷죏룼쟣쿲폚볠뚽볬닩뛸늻쫇틀뾿웳튵뗄ퟔ뻵엻슶ꎬ뛔쒿잰탅쾢훊솿늻싺틢뫍튻냣뗄ퟜ뫍뎬맽쇋60ꎥꎬ쮵쏷쒿잰럧쿕웳튵쳡릩뗄탅쾢훊솿뮹늻뺡죋틢ꆣ
(4)뿏뚨럱뚨쏋풼 뛔폚늻춬뗄탐튵ꆢ뒦폚늻춬뷗뛎뗄럧쿕웳튵ꎬ럧쿕웳튵뿉쓜듦퓚뗄늻맦랶탐캪뻟폐뫜잿뗄닮틬탔ꎬ틲듋뛔헢늿럖뗄쓚죝뗄뗷닩훷튪닉폃쿖뎡럃첸뗄랽쪽ꎬ럃첸뷡맻쿔쪾ꎺ뛔헢늿럖쓚죝뗄짨볆뮹뒦폚첽쯷뷗뛎ꎬ평폚좱랦춶맜샭뗄뺭퇩ꎬ뛠쫽럧쿕춶릫쮾뛔럧쿕웳튵뿉쓜믡듦퓚늻펦룃ퟶ뗄쫂쟩럅퓚춶움맀훐ꎬ늢쎻폐퓚웵풼떱훐닉좡쏷좷뗄풼뚨ꎬ죧뛔폚맘솪붻틗ꎬ탭뛠릫쮾늻뛔듦퓚맘솪붻틗뿉쓜뗄릫쮾쳡릩춶ꆣ (5)놨돪믺훆 뛔폚놨돪믺훆뗄뗷닩ꎬ컒쏇훷튪럖컶쇋럧쿕웳튵뺭펪헟뗄놨돪뷡릹ꎬ늢퓋폃럃첸뗄랽쪽뗷닩럧쿕웳튵뺭펪헟놨돪쫽솿뫍놨돪뷡릹좷뚨뗄랽쪽ꆣ뗷닩춳볆뷡맻죧쿂ꎺ 뇭8럧쿕춶릫쮾뗄벤샸랽쪽 만뚨킽뷰 룸폨막좨막욱웚좨붱샸럖뫬쎻폐벤샸욵뛈(%) % % 66% % % 뇭9 럧쿕춶릫쮾뛔놨돪뷡릹벤샸킧맻뗄움에 욵뛈(%) 업탲 잿 % 1 튻냣 % 2 닮 % 3 듓뗷닩춳볆뷡맻럖컶ꎬ컒맺럧쿕춶릫쮾웕뇩닉폃뗄놨돪믺훆쫇닺좨벤샸ꎬ벴죃럧쿕웳튵뺭펪헟춨맽튻뚨랽쪽(룸폨믲웚좨)펵폐럧쿕웳튵뗄막좨쪹뗃뒴튵헟폫웳튵뗄쒿뇪튻훂웰살ꆣ뻍쪵쪩킧맻뾴ꎬꎥ뗄릫쮾죏캪킧맻뷏뫃ꎬꎥ뗄릫쮾죏캪킧맻튻냣ꆣ듓럃첸뗄뷡맻뾴ꎬ럧쿕웳튵볒뗄킽돪쫽솿뫍뷡릹평뚭쫂믡뻶뚨ꆣ ꎨ6ꎩ벨킧움볛폫에뛏 룹뻝벨킧움볛퓚벤샸풼쫸믺훆짨볆훐뗄ퟷ폃ꎬ컒쏇뛔럧쿕춶릫쮾뛔럧쿕웳튵벨킧뗄움볛횸뇪뫍웳튵쓚늿펰쿬틲쯘ퟶ쇋뗷닩ꎬ뗷닩춳볆뷡맻죧쿂ꎺ 뇭10돵뒴웚럧쿕웳튵뗄벨킧움볛횸뇪 횸뇪 닺욷뗄돉쫬뛈 쫐뎡햼폐싊 닆컱킧틦 욵뛈(%) % % % 뇭11펰쿬웳튵벨킧뗄쓚늿틲쯘 벤샸풼쇬떼냠ퟓ릫헂헂돌벰웤횸뇪 죋솦풴웳튵컄뮯쫸믺훆 뗄쿲탄솦쯻훆뛈붨짨 욵뛈(%) % % % % % 듓짏쏦뗄뗷닩춳볆뷡맻뿉틔뾴돶ꎺ폫쫐뎡햼폐싊뫍닆컱킧틦쿠뇈ꎬ럧쿕웳튵닺욷뗄돉쫬돌뛈쫇럧쿕춶릫쮾움에돵뒴웚럧쿕웳튵벨킧뗄훘튪횸뇪ꎬ뇈샽캪ꎥꎬ쮵쏷쯄돇쫐뗄럧쿕춶릫쮾뛔럧쿕웳튵닺욷벼쫵럧쿕ퟮ맘힢ꎻ듓펰쿬럧쿕웳튵벨킧뗄틲쯘살뾴ꎬ웳튵쓚늿폐킧뗄벤샸풼쫸믺훆뗄붨솢폫웳튵벨킧폐뫜잿뗄쿠맘탔ꎬ헢쮵쏷듓췪짆벤샸풼쫸믺훆죫쫖룄뇤웳튵뗄뺭펪ힴ뿶뻟폐뫜훘튪뗄쿖쪵틢틥ꆣ (7)럧쿕춶뮷뺳뛔벤샸풼쫸믺훆뗄펰쿬 듓컒맺헻쳥췢늿뫪맛놳뺰뗄뷇뛈ꎬ컒쏇뛔럧쿕춶릫쮾폐킧벤샸풼쫸럧쿕웳튵뗄틲쯘ퟶ쇋뗷닩ꎬ춳볆럖컶뷡맻죧쿂ꎺ
뇭12 럧쿕춶릫쮾뛔럧쿕웳튵맜샭랽쪽톡퓱뗄췢늿뮷뺳펰쿬틲쯘 욵뛈ꎥ 업탲 탅폃뮷뺳%1볛횵맛쓮%8춶컄뮯 % 7 헾닟%4램싉램맦%2췋돶쟾뗀 % 3 뷰죚릤뻟 %6훐뷩믺릹 % 9 럧쿕춶릫쮾죋풱쯘훊 %5늻쫜췢늿펰쿬%10듓짏쏦뗄뗷닩춳볆뷡맻뿉틔뾴돶ꎬꎥ뗄럧쿕춶릫쮾뻹죏캪뛔럧쿕웳튵뗄맜샭랽쪽튪쫜떽췢늿뮷뺳뗄펰쿬ꎬ헢퓚럧쿕춶뗄듓튵죋풱훐벸뫵탎돉쇋릲쪶ꆣ퓚헢킩췢늿펰쿬틲쯘훐ꎬ뛔럧쿕웳튵뗄맜샭펰쿬돌뛈뇈뷏듳뗄잰컥쿮틲쯘럖뇰쫇탅폃뮷뺳ꆢ램싉램맦ꆢ뷰뗄췋돶쟾뗀ꆢ헾닟뫍럧쿕춶릫쮾죋풱ퟔ짭뗄쯘훊ꎬ뿉볻ꎬ쒿잰컒맺탅폃쳥쾵뗄좱쪧ꆢ램싉램맦뗄늻붡좫ꆢ럧쿕놾폐뷸컞돶뗄쿖쪵ꆢ쿠맘뗄럶돖헾닟늻릻믲늻쇩믮ꆢ듓튵죋풱뗄쯘훊늻룟뗈췢늿틲쯘늻뷶퓚럧쿕춶튵랢햹뗄뫪맛닣쏦ퟨ낭ퟅ룕룕웰늽뗄럧쿕춶튵뗄랢햹ꎬ뛸쟒헢훖펰쿬튲늻뿉뇜쏢뗄째춸떽럧쿕춶릫쮾맜샭훐뗄캢맛쇬폲ꆣ 쪵뗘럃첸뫍컊뻭춳볆뗄뷡맻쿔쪾ꎬ쫜떽컒맺뿍맛뮷뺳뫍럧쿕춶쪵볹뺭퇩늻ퟣ뗄펰쿬ꎬ컒맺럧쿕춶릫쮾뛔럧쿕웳튵뗄벤샸풼쫸믺훆믹놾짏퇘쾮쇋릫쮾훆뗄맜샭랽쪽ꎬ뛸헢훖맜샭랽쪽쪹뗃럧쿕춶릫쮾컞램붵뗍뛔럧쿕웳튵뗄춶뗄럧쿕탔ꎬ뷸뛸떼훂컒맺뗄럧쿕춶릫쮾룼쟣쿲폚춶럧쿕웳튵뗄뫳웚ꎬ룟벼쫵킡웳튵뷰욿뺱컊쳢늢쎻폐틲캪럧쿕춶뗄탋웰뗃떽쏷쿔뗄룄짆ꆣ 4. 컒맺럧쿕춶릫쮾뛔럧쿕웳튵벤샸풼쫸믺훆짨볆뗄뻖쿞벰뛔닟 뛔컒맺쯄돇쫐럧쿕춶릫쮾뗄돩퇹뗷닩뗄춳볆럖컶쮵쏷ꎬ컒맺럧쿕춶쫐뎡룕룕웰늽ꎬ탭뛠쿠맘뗄램싉램맦ꆢ엤쳗쳥훆뫍훐뷩믺릹쳥쾵뗄붨짨뮹뫜늻췪짆ꎬ쪹뗃훐맺럧쿕춶릫쮾뛔럧쿕웳튵벤샸풼쫸믺훆짨볆뗄톡퓱짏쏦쇙탭뛠뻖쿞ꎬ훷튪쳥쿖캪ꎺ (1) 춶랽쪽떥튻ꎬ횻쓜틔웕춨막캪훷ꆣ퓚컒맺ꎬ평폚폅쿈막뫍뿉뮻햮좯뗄쪹폃뮹듦퓚튻뚨뗄헾닟헏낭ꎬ틲듋럧쿕춶릫쮾춶럧쿕웳튵퓚뷰죚릤뻟뗄톡퓱짏횻쓜틔웕춨막캪훷ꎬ듓뛸컞램뒴퓬돶뢴뫏뷰죚릤뻟뛔럧쿕웳튵볒뗄풼쫸ퟷ폃ꆣ (2)ꆰ튻막튻욱ꆱ떼훂떥룶럧쿕춶릫쮾퓚돐떣맽뛠럧쿕뗄쟩뿶쿂ꎬ컞램믱뗃룼뛠뗄좨샻ꎬ볠뚽쓑뛈볓듳ꆣ컒맺럧쿕춶뮹뒦폚돵벶뷗뛎ꎬ좱랦쿠펦뗄램싉램맦뗄횧돖ꆣ떽쒿잰캪횹ꎬ컒맺횻폐튻룶ꆶ릫쮾램ꆷꎬꆰ춬막춬좨ꆱ뗄쿞훆쪹뗃컒맺뗄럧쿕춶릫쮾컞램믱뗃뇈막좨럝뛮룼뛠뗄ꆰ쳘좨ꆱꎬ뛔럧쿕웳튵뗄뿘훆쓜솦복죵ꎬ퓚늻뒦폚뻸뛔뿘막뗘캻쪱ꎬ컞램뛔럧쿕웳튵쪵쪩폐킧뗄풼쫸ꎻ (3) 탅폃쳥쾵잷좱ꎬ훐뷩쳥쾵늻랢듯ꎬ쪹뗃탅쾢믱좡돉놾룟ꆣ컒맺탅폃쳥쾵뗄좱랦ꎬ쪹뗃짹폾믺훆뇤뗃컞킧ꎬ훐뷩믺릹ퟔ싉믺훆즥쪧ꎬ듓뛸볓듳쇋럧쿕춶릫쮾뛔럧쿕웳튵볠뚽뗄돉놾ꎬ믱좡럧쿕웳튵탅쾢뗄돉놾쳡룟ꆣ훐맺램싉램맦뗄늻췪짆ꎬ탅폃쳥쾵뗄잷좱ꎬ쪹뗃컒맺럧쿕춶릫쮾뇘탫볓잿웳튵쓚늿뗄볠뚽뫍뿘훆ꎬ떫쫜떽믺훆톡퓱뗄쿞훆ꎬ컞램퓚늻뒦폚뿘막뗘캻쪱믱뗃뿘훆뗘캻ꆣ 틲듋ꎬ컒맺럧쿕춶릫쮾뛔럧쿕웳튵뗄벤샸풼쫸믺훆뗄톡퓱ꎬ뇘탫퓚ퟰ훘쿖쪵뗄쟩뿶쿂ꎬ
쳡돶쫊뫏컒맺맺쟩뗄벤샸풼쫸믺훆ꆣ헫뛔짏쫶컊쳢ꎬ컒쏇쳡돶틔쿂벸뗣붨틩ꎺ (1) 뛠볒럧쿕춶릫쮾솪뫏춶떥튻쿮쒿ꎬ탎돉럧쿕춶샻틦릲춬쳥늢듯떽럧쿕놾뻸뛔뿘막럧쿕웳튵(2ꎯ3)ꎬ듓뛸튻랽쏦믱뗃룼뛠뗄볠뚽뫍뿘훆뗄좨샻ꎬ쇭튻랽쏦럧쿕춶릫쮾헆컕쇋뻸뛔뗄뿘훆좨ꎬ튻떩랢쿖웳튵뺭펪ힴ뿶늻뫃ꎬ뿉틔쳡돶뷢즢웳튵ꎬ럀횹쯰쪧뷸튻늽삩듳ꎬ헢럻뫏릫쮾램뗄맦뚨ꆣ헢퇹뻍뿉틔뇜쏢쫜떽막럝럝뛮뗄쿞훆뛸컞램뿘훆럧쿕웳튵ꆣ (2) 럧쿕춶릫쮾펦닉좡늻뚨웚볬닩럧쿕웳튵뗄짺닺뺭펪ힴ뿶캪훷ꎬ웳튵뚨웚믣놨캪뢨뗄볠뚽랽쪽ꎬ퓚쳵볾퓊탭뗄쟩뿶쿂뿉틔엉죋뷸죫럧쿕웳튵죎횰ꎬ쳡룟럧쿕웳튵탅쾢엻슶뗄훊솿ꎬ잿뮯벤샸풼쫸믺훆뗄킧맻ꆣ (3) 퓚돵쪼춶쪱ꎬ럧쿕웳튵볒뗄컞탎닺내막욱웚좨뗄랽쪽뒦샭ꎬ듯떽풤뚨쒿뇪내풼뚨럝뛮룸폨막좨ꎬ헢퇹ퟷ뗄뷡맻뿉틔벤샸럧쿕웳튵볒얬솦쳡룟럧쿕웳튵뗄벨킧ꎻ춬쪱죧맻뛔럧쿕웳튵쟥쯣ꎬ평폚럧쿕웳튵볒컞탎닺쎻폐막럝ꎻ틲듋늻쓜닎폫쪣폠닺뗄럖엤ꎬ듓뛸풼쫸럧쿕웳튵볒ퟔ샻탐캪ꎬ틔쏖늹춶릤뻟톡퓱떥튻뛔벤샸풼쫸믺훆킧맻뗄펰쿬ꆣ (4) 뛔틑뺭내컞탎닺맀볛죫막뗄벼쫵ꎬ럧쿕웳튵쫇횪쪶닺좨훷쳥ꎬ퓚럧쿕웳튵쓚붨솢횪쪶닺좨놣뮤듫쪩ꎬ복짙벼쫵돖폐죋뗄샫횰룸럧쿕웳튵퓬돉뗄쯰몦ꆣ 럧쿕춶릫쮾뛔럧쿕웳튵뗄벤샸풼쫸믺훆쫇럧쿕춶릫쮾폫럧쿕웳튵횮볤뗄튻훖웵풼훆뛈낲업ꎬ쯼뗄짨볆쫇늻춬뮷뺳쿂뗄뗀뗂럧쿕돌뛈ꆢ늻춬뮷뺳쿂뗄램싉램맦뫍럧쿕웳튵랢햹뷗뛎뗄ퟛ뫏ꆣ평폚컒맺럧쿕놾쫐뎡웰늽뷏췭ꎬ짧믡탅폃뮷뺳ꆢ램싉램맦ꆢ훐뷩믺릹쳥쾵폫럧쿕춶랢듯맺볒쿠뇈뮹폐뫜듳뗄닮뻠ꎬ틲듋ꎬ컒맺럧쿕춶릫쮾뇘탫솢ퟣ쿖쪵ꎬ짨볆돶쫊뫏컒맺맺쟩뗄벤샸풼쫸믺훆ꆣ 닎뾼컄쿗 1샮붨솼ꎬꆶ럧쿕춶닙ퟷ횸쓏ꆷꎬ훐뮪릤짌솪뫏돶냦짧ꎬ1999ꎮ 2헅캬펭ꎬ늩�싛폫탅쾢뺭볃톧ꎬ짏몣죋쏱돶냦뛅ꎬ1996ꎮ8 3폡ퟔ평ꆢ샮쯉쳎ꆢ헔죙탅ꎬꆶ럧쿕춶샭싛폫쪵볹ꆷꎬ짏몣퓲뺭듳톧돶냦짧ꎬ2001ꎮ4 4 Hellmann T., The Allocation of Control Right in Venture Capital Contracts, RAND Journal of Economics, VOL, 29, NO. 1, Jan, 1998 5 Steven N. Kaplan, Characteristics, Contracts, and Action: Evidence from Venture Capitalist Analyses,NBER Working Papers, FEB 2002
