产权缺损与制度创新:创业资本研究的新视角  

The Property Rights Insufficiency and Institution Innovation:A New Angle of View to Venture Capital Study

作　　者：尹国俊[1] 

机构地区：[1]杭州电子科技大学财经学院,杭州310018

出　　处：《科学学与科学技术管理》2009年第1期77-83,共7页Science of Science and Management of S.& T.

基　　金：国家社科基金项目(04CJL018);浙江省软科学项目(2007C25024)

摘　　要：产权制度安排对创业资本的运作效率产生几乎决定性的影响。在高度信息不对称和双层委托代理关系条件下,创业资本产权的合理配置应该是赋予创业资本组织相对独立而充分的产权,构建激励与约束相容的创业资本组织形式并在创业投资家和创业资本出资者之间分享剩余索取权,同时将控制权在创业投资家与创业企业家之间设计成随"状态"而变化的一种"状态依存权"。但我国的制度环境使高效率的产权安排难以形成,产权缺损是我国创业资本的制度特征,并由此造成了创业资本制度安排的停滞均衡。要打破这种低效率的制度均衡,就应该进行以确立创业资本完整私人产权为核心的制度创新。The property rights institution arrangement has the nearly decisive influence to the efficiency of venture capital. Under the condition of serious not symmetry information and double trust-agent, the reasonable disposition of the property rights of venture capital is to give venture capital organization with full property rights which is relatively independent, to construct the venture capital organization accommodating the encouragement and the restraint, and to share the fight for claim to surplus between the venture capitalist and venture investor. Meanwhile, we should design the domination right as the state-contingent control right changing along with the condition between the venture capitalist and venture enterpriser. But our country system environment causes the high efficient property rights arrangement could not be formed, The system characteristic of venture capital in our country is property rights insufficiency, and it forms the stagnate equilibrium of the system arrangement of venture capital. For breaking up the low efficient system equilibrium, we should carry on the institution innovation around establishing the integrity personal property rights of venture.

关 键 词：产权缺损 制度创新 创业资本 

分 类 号：F279.21[经济管理—企业管理] F832.48[经济管理—国民经济]