A theoretical model is built to study the issue that how venture capitalists determine an optimum pay ? performance sensitivity when there is replace cost for venture enterprises and opportunity cost for managers 本文建立一個(gè)理論模型,研究存在經(jīng)理人員機(jī)會(huì)成本和風(fēng)險(xiǎn)企業(yè)的替換成本時(shí),風(fēng)險(xiǎn)投資者如何確定最優(yōu)的報(bào)酬? ?業(yè)績(jī)敏感系數(shù)。