中国企业家精神增进的激励机理--以矫正资本市场的估值扭曲为视角

The Incentive Mechanism of Chinese Entrepreneurship Enhancement—— In View of Correcting Capital Market's Valuation Distortion

在中国经济转型过程中,企业家精神增进正成为新的重要动力源。通过剖析资本市场对这一"增进"的激励机理,并作实证分析后发现:提升股市对上市企业一揽子要素的估值与企业家努力经营后所获业绩的吻合度是对"增进"正面激励的关键,而由股市体制缺陷引致的"估值扭曲"则是对"增进"负面抑制的症结。研究表明,股价越是脱离企业内在价值,资源误置就越严重,企业家经营努力的积极性受挫程度就越深,其结果不仅体现在企业家一般意义上的财产权受损,还体现在企业家精神这一具有特殊人力资本属性的产权受损。矫正资本市场"估值扭曲"的根本途径,是在推进市场化、法制化取向的体制改革中,高度重视构建覆盖全面、执行严格、惩罚力度足够的完备监管体系。为了从源头上有效遏制道德风险,应将股市违法违规行为在微观层次与宏观层次形成的危害均纳入相关惩罚力度的考量,由此震慑违法违规、降低交易费用、形成价值投资,从而促进中国资本市场健康发展与企业家精神增进的良性互动。

In the process of China＇s economic transformation, entrepreneurship is becoming a new important source of power. Through analyzing the incentive mechanism of ＂enhancement＂ in capital market and making empirical analysis, we can find that： enhancing the fit between valuation of package elements for listed enterprises and performance perceived by entrepreneurs after great effort is the key to positive incentive for ＂enhancement＂, and the ＂valuation distortion＂ caused by system defects in stock market is the crux of inhibitory effect for ＂enhancement＂. Research shows that the more stock price is away from the enterprise＇s intrinsic value, the more serious the misallocation of resources is, the deeper degree of frustration for entrepreneur＇s effort is. The results reflect as a loss of property rights in the general sense of the entrepreneurs, also as a loss of property rights for entrepreneurship with special human capital attribute. The fundamental way to correct ＂valuation distortion＂ for capital market is to put a high value on building a comprehensive supervision system with strict implementation and adequate punishment in the market oriented and legal system reform. In order to effectively curb moral hazard from the source, the damage in the micro level and in the macro level should be both taken into account of the relevant penalties, which can deter illegal behavior, reduce transaction costs, and form the value investment, so as to promote the benign interaction between the healthy development of China＇s capital market and entrepreneurship enhancement.