高新技术企业控制权配置:来自杭州的证据

本文通过对杭州高新技术企业中控制权的具体配置现状进行研究，分析控制权与影响因素之间的关系，验证控制权的所谓连续性和状态依存性假设。我们的结论支持连续性假定，但控制权的配置并不与财富状况、企业规模及营运时间显著相关，而只与企业的创始资本来源相关。同时，本文探讨了显著影响相对控制权分布的权力因素，得出新项目选择权、中层管理者的引进和提拔权以及最高管理层控制三个因素可以解释资方相对控制权的变化。上述结论对企业控制权配置的进一步研究提供了新的依据。

The Allocation of Control Rights in Hi-tech Enterprises: A Research in Hangzhou

This paper analyzes the allocation of control rights in Hangzhou Hi-tech enterprises. In our analyses the location of control rights has no notable correlations to the achievements, the sizes and the time of prosecution and only bear upon the source of initiation capital. As far as the contingent allocation and the continuity in the control theory are concerned, our conclusion is accord to the latter premise. We also fmd that there are three factors to affect the share of the total control rights between the investors and the entrepreneurs. These results are helpful to the further research.