创始人关键性资源、控制权配置与企业风险承担

Founder’s Critical Resources,Allocation of Control Rights and Enterprise Risk Taking

聚焦我国资本市场控制权配置的重要来源--创始人关键性资源,在探索性案例分析基础上,基于家族社会情感财富观和资源观,围绕民营上市公司控制权配置的影响因素和后果进行实证检验。研究发现,创始人关键性资源是影响民营上市公司控制权配置的重要因素;民营上市公司基于创始人保护的控制权配置抑制了创始人将关键性资源应用于风险承担。

Focusing on the important source of allocation of control rights in China’s capital market,i.e.the founder’s critical resources,this paper,based on the exploratory case analysis and on the family’s social sentimental wealth as well as resource concept,makes an empirical test of the influencing factors and consequences of the private listed enterprises’ allocation of control rights. It finds that the founder’s critical resources are the important factors affecting the allocation of control rights of private listed enterprises,and the allocation of control rights based on the founder protection in private listed enterprises restrains the founders from applying critical resources to risk taking.