摘要
针对资金资本专用性风险承担的原始出资人持续控股模式,难以公平体现技术创业团队贡献度,极易引发其能动性不足和稳定性下降的理论难题。以资源基础理论、企业能力理论、融资契约理论为基础,分析技术创业型企业股权动态配置机理并构建股权动态配置模型。结果发现:技术创业型企业股权配置是创业资本专有性贡献度决定股权调整幅度,以及创始资金和原创技术专有性呈现速度决定股权调整方向的动态过程。将技术创业型企业收益分解为行业平均收益和剩余可分配收益,与专有性贡献度、专有性呈现速度等动态参量相结合,嵌入内源融资契约收益分配中,构建兼顾原始出资人资本增值、技术创业团队贡献度的股权动态配置模型。研究结论有助于提升技术创业型企业股权治理效用,为提高创业团队稳定性和积极性提供理论指导。
Based on the capital-specific risk-taking commitment of the original funder’s continuous holding model, it is difficult to realize the psychological vision of the technology entrepreneurial team "holding original technology to create their own business", which is easy to trigger the lack of initiative and stability in the process of enterprise growth. This leads to the failure of the technical team to start a business and the loss of the original investor. In view of the above problems, this paper takes into account the value-added of the original investor capital and the entrepreneurial vision of the technical team. According to the equity allocation qualification, equity adjustment and direction respectively depends on the specific investment, the degree of proprietary contribution and the speed of proprietary rendering. So the enterprise income is decomposed into the preferential capital gains reflecting the capital-specific inputs and the remaining distributable income representing the exclusive contribution of the venture capital. Based on the financing contract theory and the securities design theory, the income distribution is embedded into the enterprise internal financing mode, and then constructs the technology entrepreneurial enterprise equity dynamic allocation model. The conclusions of the study help to enhance the effectiveness of equity management in technology entrepreneurial enterprises, and provide theoretical guidance for improving the stability and enthusiasm of entrepreneurial teams.
作者
惠祥
李秉祥
吴祖光
李明敏
Hui Xiang;Li Bingxiang;Wu Zuguang;Li Mingmin(School of Economics and Management,Xi'an University of Technology,Xi'an 710054,China)
出处
《科技进步与对策》
CSSCI
北大核心
2020年第16期90-96,共7页
Science & Technology Progress and Policy
基金
国家自然科学基金项目面上项目(71772151)
国家社会科学基金项目(19BGL065)
陕西省教育厅科学研究计划专项项目(19JK0579)
西安理工大学教师博士科研启动资金项目(105-451118011)。
关键词
技术创业型企业
股权动态配置
专有性贡献度
专有性呈现速度
融资契约
Technology Entrepreneurial Enterprises
Equity Dynamic Configuration
Proprietary Contribution
Proprietary Rendering Speed
Specific Investment
