| 民营科技企业创业模式与融资契约 |
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| 引用本文： | 秦兴俊,申明浩.民营科技企业创业模式与融资契约[J].山西财经大学学报,2009(8). |
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| 作者姓名： | 秦兴俊 申明浩 |
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| 作者单位： | 山西财经大学学报编辑部;广东外语外贸大学粤商研究所; |
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| 摘 要： | 根据对民营科技企业创业过程中物质资本所有者和人力资本所有者作用的分析,本文在考察民营科技企业创业时,根据如何获得(专利)技术、如何参与创业来界定民营科技企业创业的主要模式。基于对民营科技企业创业特征的判断与对其融资契约选择的考察,本研究在企业家理论框架下,分析投资者与创业企业家之间资本与产权的交换形式,设计企业家最优创业融资契约。不同的创业形式有着不同的契约安排,不同的契约安排决定了专利权人、企业家和投资者不同的现金流权和控制权配置,继而影响着公司治理结构和企业家精神的发挥。从企业家和投资者的角度,构建了创业融资博弈模型,以便更深刻地理解融资契约安排的现实规律,把握民营科技企业控制权配置的真谛。
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| 关 键 词： | 企业家 投资者 剩余索取权 控制权 融资契约 |
Financing Contract and Founding Pattern of Private Scientific and Technological Enterprise |
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| QING Xing-jun,SHEN Ming-hao.Financing Contract and Founding Pattern of Private Scientific and Technological Enterprise[J].Journal of Shanxi Finance and Economics University,2009(8). |
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| Authors: | QING Xing-jun SHEN Ming-hao |
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| Institution: | QING Xing-jun1,SHEN Ming-hao2(1.Dept.of School Journal,Shanxi University of Finance & Economics,Taiyuan 030006,2.Guangdong Merchants Research Institute,Guangdong University of Foreign Studies,Guangzhou 510420,China) |
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| Abstract: | Based on the analysis of interaction between physical capital owner and human capital owner during the founding process of private scientific and technological enterprise,this paper differentiates the primary patterns through the way how these enterprises obtain the patent right and how they participate in this process.In the frame of entrepreneur theory,paper analyses the trade pattern of capital and property right between investors and entrepreneur,and tries to design the optimal financing contract.The pa... |
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| Keywords: | entrepreneur investor residual ownership control right financing contract |
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