非连续性产出分布与高新技术企业治理结构

本文在定义高新技术企业及其产出分布特征的基础上 ,通过构建企业最优治理结构模型对高新技术企业的治理结构进行了分析。本文认为 ,在高新技术企业的产出呈非连续性 0— 1分布的情况下 ,高新技术企业的治理结构具有“内生性非稳态”特征。因此 ,建立微观“补偿”机制 (如鼓励“技术折股”)和宏观“补偿”机制 (如设立高新技术板块或创业板块 )对于促进高新技术企业的健康发展是必要的。

The Discontinuous Distribution of Output and Corporate Governance in High-Tech Firms

This paper attempts to find out corporate governance of High-Tech firms. Using a model of the optimal structure of corporate governance, this paper estimates the Principal-Agent problem in High-Tech firms. This paper shows: as the discontinuous distribution of output(“0—1” Distribution), the optimal structure of corporate governance of High-Tech firms is “Endogenous destabilization”. To improve the efficiency of High-Tech firms, the micro and macro redeem-system is necessary.