This paper extends the multiple agency theory by exploring the joint effect of the venture capital and the founder on the compensation schemes in new public firms． The paper finds that the venture capital who has a motivation to sell out the shares during the post-IPO，is inclined to increase the salary level for the top man-agement team，enlarge the compensation gap，and increase the executive compensation-performance sensitivi-ty． Conversely，the existence of the founder causes the compensation level to decrease and alleviates the effect of VC．