新企业创业团队股权分配的影响因素  

Influencing Factors of Stock Equity Allocation of Entrepreneurial Team in New Ventures

作　　者：石书德[1,2] 高建[1,3] 张帏[1,3] 

机构地区：[1]清华大学经济管理学院 [2]国网能源研究院 [3]清华大学技术创新研究中心

出　　处：《技术经济》2015年第12期69-75,共7页Journal of Technology Economics

基　　金：国家自然科学基金项目"新企业团队治理理论研究"(71072018);国家自然科学基金项目"创业企业与创业投资机构合作关系及其绩效的研究"(70972028)

摘　　要：以创业团队的股权分配均等程度为因变量,建立了新企业创业团队股权分配均等性的影响因素理论框架,并利用大样本数据进行实证研究。结果显示:公平与利己是新企业创业团队股权分配中同时存在的两种机制;创业者们既会按照公平原则,根据初始贡献特别是财务贡献分配股权,也会受到利己理性的影响,在先前成员关系较弱的情况下将尽可能少的股权分配给合作伙伴,此时股权会相对集中。This paper explores how the stock equity is allocated among entrepreneurial team members of new venture in practice.Based on the principles of fairness and egoism,it constructs a theoretical framework on the influencing factors of the equalization of stock equity allocation among entrepreneurial team members in new ventures and makes an empirical study based on the large sample data.The result shows as follows：fairness and egoism are two mechanisms existing in the stock equity allocation in new ventures;entrepreneurial team members follow the principle of fairness to allocate stock equity according to initial contributions,especially financial contributions and the stock equity allocation is also influenced by self-interest rationality;when the previous relationship among team members is weak,the stock equity tends to be concentrated.

关 键 词：新企业 创业团队 股权分配 

分 类 号：F279.2[经济管理—企业管理] F832.51[经济管理—国民经济]