Portfolio investment is adopted by the venture capital to diversify those risks involved in project selection, investing or operating so that the venture capitalist can expect a relatively stable income and lower financing risks. Based on the design of portfolio investment contract with unlimited funds developed by Kanniainen and Keuschnigg, and Inderst et al., this article makes a modification and presents a model given the limitation of funds available for the venture capitalist. It is demonstrated that the marginal benefit of efforts paid by the entrepreneurs exceeds the marginal cost, given the limitation of funds available, which will conduce to a high-level engagement of the entrepreneurs. Thus, by adopting the design of renegotiation contract, the venture capitalist can manage to stimulate the entrepreneurs to make efforts, which is to result in moral hazard reduction.

中文翻译：

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考虑道德风险的组合风险投资合同设计模型

风险投资通过组合投资来分散项目选择、投资或运营中涉及的风险，使风险投资人可以获得相对稳定的收益和较低的融资风险。本文基于 Kanniainen 和 Keuschnigg 以及 Inderst 等人提出的无限资金证券投资合约的设计，对风险投资家可用资金有限的情况进行了修改，并提出了一个模型。研究表明，在可用资金有限的情况下，企业家付出努力的边际收益大于边际成本，有利于企业家的高层次参与。因此，风险投资家通过重新谈判契约的设计，可以激励创业者做出努力，