科技创业企业在外源融资时现金流量权分配的相机性分析

An Analysis on the Contingence of the Cash Flow Claim in the Hi-Tech Innovation Firm Financed Outside

科技创业企业在进行外源融资时,投资者和创业者之间的现金流量权分配是这类企业产权结构的一项主要内容。这类企业现金流量很小,因此现金流量权的相机分配是投资者激励作为经营管理者的创业积极性的一个重要手段。从以业绩为基础的现金流量权和以创业者是否被雇用为基础的现金流量权两个方面分析科技创业企业现金流量权的相机性分配。

The allocation of the cash flow claims between the investor and the entrepreneur is an important content of the arrangement of an innovation firm＇s ownership. This kind of firms＇ cash flow is very small and the entrepreneur＇s salary is always low and his income is mainly in form of the cash flow claim. So, the contingent allocation of the cash flow claims is an important method which the investor uses to incent the entrepreneur as the manager of the firm. Firstly, some observed and proved milestone incidents must be designed to be based on the part cash flow rights whether gave to the entrepreneur. Secondly, because of lots of tasks that must be paid attention to by the entrepreneur but can＇t be contacted, in order to incent the entrepreneur to regard these tasks seriously, the part income of the cash flow claims of the entrepreneur must be associated with whether the entrepreneur as the manger is employed.