外部股东如何获取创业企业股权与控制权——基于资源视角的理论分析与机制探索

How Can Shareholders Obtain the Equity and Control Rights of Venture Enterprises:Theoretical Analysis and Mechanism Exploration Based on Resource Perspective

本文基于资源基础理论、交易成本理论和人力资本理论,对108家企业的368起收购事件进行问卷调查。研究显示,外部股东的异质资源优势对其获取创业企业股权和控制权具有重要作用。异质资源仅具有市场谈判地位,能够帮助其降低市场间交易成本,获取创业企业股权,但无法获取控制权;异质资源同时具备市场谈判能力和公司治理能力,能够帮助其降低市场壁垒和内部治理的成本,获取控制权。创始人人力资本的专有性和专用性会影响外部股东在市场和企业的谈判能力。

Based on the resource-based theory,transaction cost theory and human capital theory,this paper studies 368 acquisition events of 108 enterprises.The results show that the heterogeneous resource advantages of external shareholders play an important role in acquiring equity and control rights of venture enterprises.Heterogeneous resources only have market negotiation status,which can help them reduce the transaction costs and obtain equity of start-up enterprises,but cannot obtain control rights.Heterogeneous resources have the ability of market negotiation and corporate governance at the same time,which can help them reduce market barriers and governance costs and obtain control rights.The exclusivity and specificity of founder’s human capital will affect the negotiation ability of external shareholders in the market and enterprise.