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Mechanism of avoiding double adverse selection risk of venture capitalists(PDF)

《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

Issue:
2006年02期
Page:
56-60
Research Field:
交通运输与经济
Publishing date:
2006-06-20

Info

Title:
Mechanism of avoiding double adverse selection risk of venture capitalists
Author(s):
WANG Jun-ping;  DING Wen-feng
School of Economic and Management, Northwest Sci-tech University of Agriculture and Forestry, Yangling 712100, Shaanxi, China
Keywords:
venture capital;  information asymmetry;  adverse selection;  risk avoiding mechanism
PACS:
F830. 59
DOI:
-
Abstract:
In the process of venture capital investment, double adverse selection risk exists between investors and venture capitalists, venture capitalists and venture capital entrepreneurs because of the asymmetrical distribution of information. In the signaling mechanism of financing phase, the venture capitalists, who are the agents, offer information about their ability to the investors, who are the principals. The investors adjust their prior belief according to the information, and then sign contacts with the venture capitalists according to posterior belief so as to avoid adverse selection risks. In the screening mechanism of investing phase, the venture capitalists, who are the principals now, offer contacts first. At this moment, the only possibility is to separate equilibrium, that is, different types of venture entrepreneurs chose different contacts with the purpose to avoid adverse selection risks.

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Memo

Memo:
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Last Update: 2006-06-20