摘要
科技型风险企业普遍存在着股权分配与资金或实物资产分离的现象,即创业者往往获得高于甚至远高于其出资或实物资产比例的股份,风险投资者获得的股份则低于其出资比例。探讨了企业的根本性质、企业股权分配的主要依据以及科技型风险企业的特点,构造了其融资契约模型,在上述工作的基础上解释了该类企业股权分配的现象。
In VC-backed technology-intensive firms, ownership allocation between entrepreneurs and venture capitalists is far from symmetric with that of non-human capital contributed by the two parties. Entrepreneurs always gain more whereas venture capitalists gain less ownership share compared with the share of non-human capital they offered respectively. In this paper, the author analyzes firm nature, ownership allocation foundations, features of VC-backed technology-intensive firms. Furthermore, the author construct financing model for such firms. Based on the above analyses, this paper explains ownership allocation phenomena in VC-baeked technology-intensive firms.
出处
《科学学与科学技术管理》
CSSCI
北大核心
2009年第9期179-183,共5页
Science of Science and Management of S.& T.
关键词
科技型风险企业
股权
创业者
风险投资者
VC-backed technology-intensive firms
ownership
entrepreneur
venture capitalist
