风险投资中控制权分配及其影响因素的研究  

A Study on Control Right Allocation and Impact Factors in Venture Capital

作　　者：李金龙[1] 费方域[1] 胡海鸥[1] 

机构地区：[1]上海交通大学安泰管理学院,上海200052

出　　处：《财经研究》2005年第12期107-115,共9页Journal of Finance and Economics

摘　　要：在风险投资中,创业者和风险投资家由于目标不同而存在着利益冲突,这时对风险企业的控制权进行适当分配成为关键。由于风险投资中有关控制权问题的复杂性,国内外对这方面的研究目前还较少,尚处于起步阶段。文章以不完全合同作为理论基础通过建立两期模型分析了影响风险企业中控制权配置的重要因素,从而在统一的不完全合同理论的框架下对风险企业的控制权、现金流量权、声誉机制等各种影响因素展开系统的研究。There are conflicts between the venture capitalists and entrepreneurs because of their different objectives. The allocation of the control rights is the key to venture capital, but it is so difficulty that there is little research to be set about recently. In this paper, we develop Tirole^s model into a two-period model and use to the research on the venture capital. With the help of the model, further research on the classic control transfer model and some systemic research on the equilibrium relation about control rights, entrepreneur＇s private benefits, reputation, success probability, and cash flow rights of the enterprise are conducted.

关 键 词：控制权 私人利益 声誉 现金流权 

分 类 号：F830.59[经济管理—金融学]