CAJ | 학술논문

委托代理关系理论适用于政府创业投资引导基金研究，委托人和代理人之间激励约束机制的有效性将直接影响政府创业投资引导基金的运行效果。对我国政府创业投资引导基金与受托管理机构之间的委托代理关系进行比较分析，将不同政府创业投资引导基金与受托管理机构之间的委托代理关系归纳为资本金型、直接管理型、委托管理型和代理投资型4种模式，并结合不同激励约束机制，对各种模式进行了综合比较分析。最后，对政府创业投资引导基金委托管理模式与激励约束机制的选择提出了建议。
위탁대리관계이론괄용우정부창업투자인도기금연구，위탁인화대리인지간격려약속궤제적유효성장직접영향정부창업투자인도기금적운행효과。대아국정부창업투자인도기금여수탁관리궤구지간적위탁대리관계진행비교분석，장불동정부창업투자인도기금여수탁관리궤구지간적위탁대리관계귀납위자본금형、직접관리형、위탁관리형화대리투자형4충모식，병결합불동격려약속궤제，대각충모식진행료종합비교분석。최후，대정부창업투자인도기금위탁관리모식여격려약속궤제적선택제출료건의。
The research on agency relationship is adapt to Government venture capital leading fund .The effectiveness of in-centive and restraint mechanisms between the principal and agent directly affect the operation results of the leading fund . This paper focuses on the principal-agent relationship between the government leading fund and the entrusted management institutions .According to the different agent relationships between the national ,provincial ,territorial government venture capital leading fund and their entrusted institutions ,it puts them into four groups ,capital-oriented mode ,direct manage-ment mode ,entrusted management mode ,and investment-oriented mode .And it makes comparative analysis on the incen-tive-restricted mechanism for the four modes .At last ,the paper puts forward related suggestions to the government choices on choosing the principal-agent mode and the incentive-restricted mechanism appropriately .