创业企业融资合约:基于互补效应的视角  

Financing Contract for Venture Enterprises:An Analysis Based on Effort Complementarity

作　　者：陈逢文[1] 李偲琬 张宗益[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《管理工程学报》2013年第4期92-96,共5页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71102063);中央高校基本科研"研究生科技创新基金"资助项目(CDJXS11021118)

摘　　要：创业企业的参与双方(创业者、投资者)基于资源互补开展合作,由于创业企业不确定性和信息不对称性引发双边道德风险。本文通过建立基于互补效应的单阶段和两阶段收益分配模型,说明了无资本约束条件下基于创业者创业能力的信号来进行阶段投资决策的激励模式不能直接促进次优水平的提升,互补效应不能掩盖道德风险问题,以此对创业者和投资者有所警示。The new venture enterprise is an important component of the national economy. In the second half of last century, huge economic benefits brought about by the success of venture enterprises in USA have attracted much attention from society. Venture capital and human capital are essential to the success of start-ups. The cooperation between entrepreneurships and investors involves high risk, operational uncertainty, information asymmetry, and moral hazard. These factors may negatively affect the growth of venture enterprises. The moral hazard has complementary effect on the successful cooperation between enterprises and investors; however, the effect has not been fully discussed in the current literature. Investors in a venture enterprise provide not only funds, but also management support. This means that entrepreneurs gain from investors both money and wisdom. Meanwhile, the efforts of entrepreneurs and investors have complementary effect. Most studies on the contracts of venture enterprises, either in a single stage or multiple stages, always focus on entrepreneurs, who make use of funds from investors to develop a venture enterprise. The venture investors are rarely mentioned. Although some studies analyze investors＇ contribution to the management of a venture enterprise, they focus solely on their separated efforts, and neglect the complementary effect. Therefore, this paper will analyze the contract arrangement of single phase and two phases from the perspective of the complementary effect. Based on the complementary effect of enterprise participates, the paper establishes a single phase and two phase model. Our analysis results show that the actual complementary coefficient between venture participants would only amplify the horizontal effect, but not reduce the longitudinal risk. The actual complementary coefficient between venture investors and entrepreneurs reflects the degree of their cooperation based on the complementary resources, and amplifies the complementary effect. In the model analysis, the

关 键 词：创业企业 个人效应 互补效应 收益分配 

分 类 号：F272[经济管理—企业管理]