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I.0 Introduction介绍

1.1 VC development in China
风险投资被认为是高风险，高回报和高增长潜力的投资。 通过向公司提供管理咨询，社会网络等增值服务，风险投资机构可以促进公司发展，最终通过支持上市公司或股权获得巨额利润和高投资回报转移。 风险投资被认为是IT技术革命的重要动力，完善的风险投资体系与国家高新技术产业的发展有关。
在当前世界金融市场中，风险投资（VC）已经成为初创企业融资的重要渠道，数据显示，从2015年到2016年，美国229家公司已经获得了数十亿美元的风险投资， 这些企业的发展非常重要（Gill，2016）。
Risk investment is regarded to be investment of high risk and high return and high growth potentials. By providing management consulting, social network and other value-added services to the company, VC institutions can promote the development of the company, and at last, they can obtain huge profits and high returns on investment by supporting the listed companies, or by equity transferring. Risk investment is considered to be important driving force of technological revolution for IT, and presence of perfect risk investment system is related to the development of a country's high-tech industry.
In the current world financial markets, venture capital (VC) has become an important channel for financing of start-ups, the data show that from 2015 to 2016, 229 companies in the United States have acquired VC of billions of dollars, which played a very important role in the development of these enterprises (Gill, 2016). 

上个世纪以来，中国已经意识到风险投资的重要性，可以促进可持续经济发展，在中国第一家全国风险投资公司新技术风险投资公司成立之后，已经设立了大量具有政府背景的投资公司。中国经济持续增长一方面为中小企业发展提供了巨大的发展空间，另一方面对金融体系市场化改革和资本市场建设也提出了更高的要求。要建立多层次的资本市场，有必要进一步推进合理定价资本的优化配置，优化资源配置，风险分散和财富创造等。风险投资机构对投资的发展有很大的推动作用企业，因为它不仅为风险企业提供资金支持，而且通过参与公司治理和风险管理决策，专业地帮助和监督风险公司。因此，有效提高了公司治理水平和管理水平，促进了中小企业的发展。In last century, China has realized the importance of risk investment which can promote sustainable economic development, after the first national venture capital company new technology venture investment companies in China was established, a large number of investment companies with the government backgrounds have been set up. Sustained growth of Chinese economy provides a huge space for development to small and medium-sized enterprises on one hand, and on the other hand, it inevitably puts forward higher requirements to the market-oriented reform of financial system and the establishment of capital market. In order to build a multi-level capital market, it is necessary to further promote the functions of capital of reasonable pricing, optimal allocation of resources, risk dispersing and wealth creation, etc. The VC institutions have huge impetus to the development of the invested enterprise, because it not only provides funding support for risk enterprise, but also professionally help and supervise the risk company through involvement in corporate governance and risk management decisions. So, it effectively improves the level of corporate governance and management and promotes the development of small and medium-sized.


Content

1． Introduction……………………………………………………..4
1.1  VC development in China……………………………………..4
1.2  Effects of VC in IPO process…………………………………4
1.2.1 Positive effects………………………………………………….4
1.2.2 Negative effects………………………………………………...5
1.3  The purpose of the research…………………………………5

2.0  Literature Review……………………………………………….5
2.1  Contracting Theory and practices…………………………..5
2.1.1 Principal agent Theory………………………………………..5
2.1.2 Incomplete Contracting Theory……………………………..6
2.2  Investment Banking Role……………………………………..6

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