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La teoría de la agencia en la industria del capital riesgo: mecanismos de alineación de intereses

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  • Leonel Arango Vásquez
  • Eduardo Alexander Duque Grisales
  • Germán Horacio Cardona Vélez

Abstract

Resumen La información que posee la dirección de la empresa es más completa y precisa que la que posee el fondo de capital riesgo. Esa asimetría de información hace posible que surja el problema de agencia en las operaciones de financiación. Para hacer frente a dicho problema, la industria del capital riesgo usa distintos mecanismos de alineación de intereses entre el fondo y la dirección, los cuales pueden ser usados en la fase previa y posterior a la inversión que realiza el fondo. Sin embargo, esos mecanismos no son siempre efectivos para evitar el problema de agencia, debido a que presentan falencias; esto hace necesario que los fondos tengan la capacidad de monitorear y controlar constantemente las acciones y decisiones de la dirección. ****** Abstract The information company boards possess is more complete and more precise than the information handled by the venture capital/private equity fund. This information asymmetry leads to the agency problem in financial operations. To deal with such a problem, the venture capital/private equity industry has several mechanisms, which lead to align the interest between funds and boards using those mechanisms in the pre-investment and post-investment phases. However, those instruments are not always effective to deal with the agency problem since they present some weaknesses. This implies that funds must have the ability to constantly monitor and control boards’ behavior.

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  • Leonel Arango Vásquez & Eduardo Alexander Duque Grisales & Germán Horacio Cardona Vélez, 2014. "La teoría de la agencia en la industria del capital riesgo: mecanismos de alineación de intereses," Escenarios: Empresas y Territorio, Institución Universitaria ESUMER, January.
    • Handle: RePEc:col:000502:014530
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    References listed on IDEAS

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