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On the basis of briefly introducing the limited partnership system and corporate system, the article established a principal-agent theoretical model, separately from the angle of limited partnership system and corporate system to compare the income of venture capitalist and individual investor. According to the conclusion, in limited partnership system, the venture capitalist's effort is always greater than that in corporate system. Moreover, as far as individual investor is concerned, his expected income in limited partnership system is also permanently greater than that in corporate system. Thus it can be seen that limited partnership system surpasses over corporate system in operation efficiency.