Abstract
<p><em>This paper reviews recent research results of the venture capital field. The paper indicates that main contents of the theory are that how agency problems brought about by the information asymmetry through the contract design are solved and the value-added management service is provided. A number of empirical evidences provided by documents from some aspects such as the fund raising and the selection of the organization pattern, the project selection as well as the investment contract arrangement, post-investment management activities, withdrawal mechanism as well as the performance and so on are investigated. Problems in the research and possible research directions in the future are also discussed.</em></p>
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