中文摘要：

为了揭示创业投资中创业投资机构提供的非资金价值增值服务和创业企业的高风险性二者之间的关系以及这二者对创业投资结果的影响效应，通过对以往研究成果的梳理，凝练出创业企业的高风险性、创业投资机构提供的非资金价值增值服务对创业投资结果的作用机理。结果表明：非资金价值增值服务会产生双向道德危害，创业企业家和创业投资机构都可能基于各自的利益做出对企业发展不利的行为，这些行为会产生并加剧创业企业的不确定性风险。创业企业的高风险性、非资金价值增值服务会直接影响创业投资的退出，同时非资金价值增值服务产生的道德风险会改变创业投资机构和创业企业家的行为选择，这也会对创业投资的退出结果产生影响。

英文摘要：

In order to reveal the relationship between non -financing value -added services provided by ven- ture capitalists and high risk of entrepreneurial enterprises, as well as the their influence on the effect of re- sults of venture capital, based on previous theories, the paper finds out the mechanism among high risk of ven- ture enterprises, non - financing value - added service and venture capital exit decision. The conclusion shows that： the value- added services will produce double moral hazard, entrepreneurs and venture capitalists may make adverse actions on the development of enterprise based on their respective interests, and the venture capitalist and the entrepreneur＇s bad behavior choice may produce and intensified uncertainty risk of venture en- terprises. The high risk of enterprises, non - financing value - added services will directly affect the exit of venture capital, while the moral hazard produced by value added service will change behavior of venture capi- talist and entrepreneur and have an impact on the exit decision of venture capital.