Abstract: The allocation of control rights is the key to affect the efficiency of Venture Capital(VC) contract. According to the advancement of control rights theory, several classical models about allocation of control rights in VC contract and their corresponding empiricial results are introduced, these models include the basic model about static allocation of control rights, the model about contingent but discontinuous transfer of control rights, and the model about sequential and contingent transfer of control rights, etc. And then, the application conditions for these models are discussed. At last, the limitation of existing literature and the research trend in future are pointed out.

Key words: venture capital, allocation of control rights, contract design