A Study on Incentive Mechanism of Venture Capital Fund Sponsored by Government Guide Fund from the Perspective of Multi-Task Principal-Agent
By designing a multi-task oriented incentive mechanism for sub-fund sponsored by government guide fund can guide agents to allocate their effort they put into the two tasks reasonably,which is conducive to achieving policy goals and to improving the returns of gov-ernment guide fund.In this paper,a multi-task oriented incentive contract for fund manager is constructed by implanting the parameters that affect the design of incentive mechanisms,including weight of the task,effort cost coefficient,and performance volatility coefficient into the multi-task principal-agent model.Results show that:1)Whether two tasks are inter-dependent and independent,the optimal incentive level for a given task increases with the increase of the weight of the task,but decreases with the increase of the effort cost coefficient and performance volatility coefficient;2)When the two tasks are independent,a change in the parameters of one task does not affect the incentive level for another task.In the case where two tasks are interdependent,the optimal incentive level for another task should be adjusted when the parameters related to a given task change.Moreover,in the two different situations of the two tasks are complementarity and substitutive,The direction of adjusting incentive level for another task caused by changes of parameters related to a given task is opposite;3)By improving the observability or task or reducing the effort cost of agent,im-prove level can be increased.This will induce agent to put more effort into task,which is beneficial for promoting the achievement of policy goal and the improvement of the overall performance of the fund.
government guide fundmulti-task principal-agentincentive mechanismtask dependency
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