控制权的相机分配与创业企业融资

The Contingent Allocation of Control Rights and Financing of Entrepreneurial Firms

控制权的分配是创业企业治理中的一个核心内容,文章建立了一个隐含道德风险的控制权分配模型,分析了三种控制权分配结构。研究表明创业企业中所有权与控制权是独立分配的,控制权的分配取决于创业投资家的投资约束,状态相机控制权分配有利于创业企业的融资。

The allocation of control rights is the key of entrepreneurial governance. The paper establishes an allocation model containing moral hazard problem, and analyzes three allocation structure. It points out that in entrepreneurial firms, ownership and control rights are allocated independently, while allocation of control is relied on venture capitalist's investment constraints. The contingent allocation of control rights is helpful to entrepreneurial firms.