风投运作变异的本土分析与治理对策——基于“对赌协议”的研究

Local Analysis and Governance Countermeasures of The Variation of Venture Capital Operation:Research based on“Valuation Adjustment Mechanism”

风险投资是促进科技创新最有效的投资模式,风投机制对科技创新的优势作用依赖于风投运作的合规性。在对风投契约治理机制、本土的对赌协议和风投运作相关制度性研究进行梳理的基础上,对硅谷风投运作模式及契约机制的分析和归纳,比较分析30家本土企业的风投运作案例,研究发现对赌协议是本土情境下风投运作的变异现象,其在平衡性、时段性和公平性三个层面的双边激励作用效果有限,削弱风投机制对科技创新的促进作用。通过理论推演分析发现文化差异与风投模式弱化是变异的根性原因,在此基础上提出以正式制度安排,即风投规制化为对策手段,以权利的分时性与分离性配置为规制取向,通过针对性的规制设计放大"体制效应",提出以制度驱动科技创新,进而实现创新驱动发展战略的目标。

Venture capital is the most effective investment model to promote science and technology innovation,and the advantageous role of venture capital mechanisms for science and technology innovation depends on the compliance of venture capital operations.On the basis of combing through the governance mechanism of venture capital contracts,local wagering agreements and institutional research on the operation of venture capital,we analyze and summarize the operation mode and contract mechanism of venture capital in Silicon Valley,and compare and analyze the cases of venture capital operation of 30 local enterprises,and find that VAM is a variant of venture capital operation in the local context,and its bilateral incentive effects at the three levels of balance,timing and fairness are limited,weakening the role of the venture capital mechanism in promoting science and technology innovation.On the basis of this,we propose to use the formal institutional arrangement,i.e.the regularization of venture capital,as a countermeasure,and the temporal and separate configuration of rights as a regulatory orientation,so as to amplify the"Institutional Effect"through targeted regulatory design and to drive science and technology innovation through institutional arrangements,thereby achieving the objectives of the innovation-driven development strategy.