高科技企业法律所有权、价值驱动因素、控制权分离与公司治理问题——W公司案例及其一般分析

The Separation of Legal Ownership and Control for Value-drivers and Corporate Governance in Hi-tech EnterpriseW Corporation Case

本文通过对风险投资商投资W公司过程中发生一系列事件的描述,揭示了高科技企业普遍存在的公司治理问题及其独特成因。与传统企业所有权与经营权分离不同的是,人力资本及其控制的无形资产对高科技企业价值的贡献相对于有形资产的重要性大大提高,而且人力资本与增长机会和价值驱动资源控制权高度粘合,但这些资源并不能由法律上的所有者控制,出现企业法律所有权与价值驱动因素控制权分离的格局。本文最后对风险投资商提出了若干建议。

Based on the case study of Venture Capital entering into Wcompany, this paper analysis the special reason of corporategovernance in Hi-tech. companies in early growth stagetheseparation of ownership and value-drivers control. In Hi-techCompanies, business development and growth opportunities havestrong positive relationship with intangible assets, and have weakrelationship with tangible assets. Value drivers are controlled by humancapital became the main power source instead of the control of thecapital and tangible assets. This paper also gave some advices forVCs in investing the Hi-tech company in China.