在知识经济时代，一个国家的国际竞争力在很大程度上取决于高新科技产业的发展。
许多国家的成功经验表明，风险投资在现代经济发展中起着举足轻重的作用，它加速了科技成果向生产力的转化。推动了高科技企业从到大，从弱到强的长足发展，进而带动了整个经济的蓬勃和兴旺。风险投资这种重要的历史作用已为越来越多的人所认识，人们把风险投资称为“经济增长的发动机”。
在风险投资中，风险企业的发展不太稳定，风险企业家相对于风险投资家而言，掌握了关键技术和企业的日常经营决策权，占有信息优势，其行为非常难以监管，所以风险投资家有必要采取一定的措施对风险企业家进行激励和约束。因此有必要在这一问题上进行有益的尝试。
关键词：风险投资；分阶段投资；激励与约束机制
Abstract
In the age of knowledge economy , the international competitiveness of a country depends highly on the development of the high and new technological industry. The successful experience of a lot of countries indicates: Venture capital plays a very important role in modem economic development. It has driven the high-tech enterprises from young to mature from weak to strong by accelerating the conversion of the scientific and technical results into productivity .So the whole economy is becoming more and more prosperous . The important historical function of venture capital has got increasingly wide awareness among people , and was thus called “the engine of economic growth “.
In venture capital , the enterprise develops unsteadily, and the entrepreneur has more information than the venture capitalist because the former controls the key technology and the right for daily management . It is very difficult to monitor the entrepreneur，s behavior .So it is necessary for the venture entrepreneur.
Keywords: Venture capital; Principal-agent; Incentive-restraint mechanism
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