CAJ | 학술논문

风险投资治理是综合治理的过程，它不仅仅是两重委托代理治理的总和，还应当产生风险投资两重委托代理关系之间的“传导效应”，最终实现风险资本的初始委托人（初始投资者）对风险资本最终代理人（风险企业家）间接有效的激励和约束。双重委托代理关系之间传导效应的产生在于风险资本家与风险企业家订立契约时考虑了风险资本家侵占初始投资者的剩余索取权和剩余控制权，而风险资本家侵占初始投资者的剩余索取权和剩余控制权又取决初始投资者与风险资本家签订的契约。
풍험투자치리시종합치리적과정，타불부부시량중위탁대리치리적총화，환응당산생풍험투자량중위탁대리관계지간적“전도효응”，최종실현풍험자본적초시위탁인（초시투자자）대풍험자본최종대리인（풍험기업가）간접유효적격려화약속。쌍중위탁대리관계지간전도효응적산생재우풍험자본가여풍험기업가정립계약시고필료풍험자본가침점초시투자자적잉여색취권화잉여공제권，이풍험자본가침점초시투자자적잉여색취권화잉여공제권우취결초시투자자여풍험자본가첨정적계약。
Venture capital governance is the process of comprehensive governance. It is not only the sum of dual agency management, but also creates the ＂conduction effect＂ between duplex principal-agent relationship in venture capital, which will lead the indirectly effective incentive and restraint of the initial principal venture capital （initial investment persons） to the ultimate agent of the venture capital （risk entrepreneurs）. Producing the conduction of double principal-agent should take into account the initial investors＇ benefits occupied by venture capitalists when the entrepreneurs contract with venture capitalists. Meanwhile, the interests deprived depend on the contracts between the initial investors and the venture capitalists.