The appearance of them lead to the problem of Adverse Select of the client and the MoralHazard of the attorney, which ultimately result in the short of market efficiency and the limit ofthe Venture Capital development.

• 正是由于这种信息不对称导致了委托人逆向选择(Adverse Select)代理人以及代理人道德风险(MoralHazard)问题,从而导致市场缺乏效率。 大大制约了风险投资的发展。