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目次一、问题的提出二、普通合伙人无限责任与风险投资有限合伙“逆向选择”和“道德风险”的克服(一)有限合伙:非独立责任社团组织中的混合责任形态(二)普通合伙人无限责任与“逆向选择”和“道德风险”的克服:治理机制剖析(三)普通合伙人无限责任治理功能反思三、制约普通合伙人无限责任治理功能的限定因素(一)债务杠杆使用限制(二)交易结构设计与普通合伙人组织形式选择四、结语:归纳与引申一、问题的提出有限合伙是风险投资经常采用的一种组织形式。风险投资有限合伙内部控制权配置呈现极度不均衡性,管理权高度集中于普通合伙人手中。①有
The first issue of the problem two ordinary partners unlimited liability and venture capital limited partnership “adverse selection ” and “moral hazard ” to overcome (a) limited partnership: non-independent responsibility groups in the organization of mixed responsibility Second, the general partner unlimited liability and “adverse selection ” and “moral hazard ” to overcome: the analysis of governance mechanism (III) the common partner unlimited liability governance function of reflection Third, restrict the general partner unlimited liability governance function limited Factors (a) limit the use of debt leverage (b) the transaction structure design and general partner organizational form choice IV Conclusion: induction and extension First, the issue of limited partnership Venture Capital is often used as an organizational form. Venture capital limited partnership internal control configuration showed extremely uneven, management is highly concentrated in the hands of ordinary partners. ① Yes