科技创业企业控制权分配的经验分析

控制权分配是创业投资合约的核心特征之一。已有的理论分析表明,科技创业企业控制权分配具有两个明显的特点:一是创业资本家拥有超比例的控制权;二是这类企业的控制权分配是状态依存的。为了对这类企业的控制权安排进行经验分析,笔者选择我国35个具有代表性的创业投资机构,并调查了它们所投资的科技创业企业控制权分配情况。结果表明,我国科技创业企业控制权分配的情况基本上和理论预测相一致。

The Experience Analysis of the Control Power Distribution in Hi-Tech VC-backed Firms

Control power arrangement is one of the central characteristics of VC contracts.The existing theoretical analyses show that the control power distribution in the hi-tech VC-backed firms has two obvious characteristics.One is that the venture capitalist owns over-proportional control power;the other is that the control power distribution in these firms is contingent.In order to analyze empirically the control power in this kind of firms,the author selects 35 typical VC companies of our country and investigates their control power distribution.The result shows that the situation of the control power distribution in hi-tech VC-backed firms of our country is approximately the same as the theoretical prediction.