Research on Capital Structure of Start-Up Scientific and Technological Enterprises

As the innovative of scientific and technological enterprises, the investor is difficult to project the effort of the manager like other enterprises, so the investor takes the direct supervision or uses contracts to encourage claims agent. The effect of supervision depends on the ability to monitor, so professional venture capitalists can use supervising methods, for government, the supervision of the agent results were not significant. Therefore, the government debt contracts should be adopted to achieve the goals of the agent´s incentive.