国防科技成果转化风险资本引入的契约设计  

Research on Contractual Mechanism in Venture Capital of National Defense Science and Technology Achievement Transformation

作　　者：杨艳军[1] 张伟超[1] 

机构地区：[1]国防科技大学人文与社会科学学院,长沙 410074

出　　处：《科技成果管理与研究》2008年第1期11-17,共7页Management And Research On Scientific & Technological Achievements

摘　　要：由于国防科技成果转化中的高度不确定性和信息不对称性，使得国防风险企业中的所有权配置，成为能否在国防领域内成功引入风险资本的首要问题。本文引入决策权与剩余索取权配置的连续变量，导出了风险投资者与国防风险企业内部成员所有权分配的均衡，对如何在我国国防科技成果转化过程中引入风险资本，建立合理的风险投资契约，推动国防科技成果转化，进行了相应的探讨。Venture capital of national defense science and technology achievement transformation is a new pattern of financing system.There are complicate conflicts and several kinds of asymetric information between investors and entrepreneurs.This study models control rights as a continuous variable and establishes a model about the best allocation on control rights of venture capital backed defense company and deluces allocation result by the best game scheme between capitalist and entrepreneur.

关 键 词：国防科技成果转化 风险资本 剩余索取权 

分 类 号：F124.3[经济管理—世界经济] F832.48