公司创业投资支持企业控制权配置实证研究  

Empirical Research on Control Right Allocation in Corporate Venture Capital-backed Firms

作　　者：王雷 

机构地区：[1]江南大学商学院,江苏无锡214122

出　　处：《管理科学》2016年第4期80-93,共14页Journal of Management Science

基　　金：国家自然科学基金(71102093);中央高校基本科研业务费专项资金资助重点项目(JUSRP51330B)~~

摘　　要：控制权治理是公司治理的重要内容,由控制权配置带来的控制权收益是激励投资家物质资本和企业家人力资本投入的重要手段。基于不完全契约理论,从控制权收益和企业家人力资本的视角,研究公司创业投资支持企业的控制权配置问题。分析创业企业中公司创业投资者与企业家的控制权收益构成和类型以及企业家的人力资本专用性和专有性特征,厘清公司创业投资者与企业家各自私人收益、货币收益与其拥有的企业剩余控制权和特定控制权之间的对应关系。根据控制权共享收益来源,构建基于企业家人力资本专用性和专有性的控制权共享收益函数,分析控制权私人收益和战略收益、企业家人力资本专用性和专有性以及控制权收益与人力资本交互作用对公司创业投资支持企业剩余控制权和特定控制权配置的作用机理。以公司创业投资支持的110家不同行业上市企业3年数据为样本,运用面板数据混合回归模型,实证检验控制权收益、企业家人力资本及其交互项对中国经济背景下公司创业投资支持企业两类控制权配置的影响。研究结果表明,公司创业投资者拥有的特定控制权和剩余控制权与企业家人力资本专用性正相关,与企业家人力资本专有性负相关,企业家控制权私人收益对公司创业投资者获得创业企业特定控制权比例具有正向影响,公司创业投资者控制权战略性私人收益对其自身获得创业企业特定控制权比例具有负向影响;企业家控制权私人收益正向调节企业家人力资本专用性与公司创业投资者剩余控制权占比之间的关系,负向调节企业家人力资本专有性与公司创业投资者剩余控制权占比之间的关系;公司创业投资者战略性私人收益负向调节企业家人力资本专用性与公司创业投资者剩余控制权占比之间的关系,正向调节企业家人力资本专有性与公Control right governance constitutes an essential part of corporate governance.Control right benefits, resulting from the allocation of control right serve as an important incentive to attract investment, be it physical capital from venture capitalists or human capital from entrepreneurs.Based on the incomplete contract theory, this study examines control right allocation in corpo-rate venture capital （ CVC）-backed firms.And control right benefits are analyzed from the prospective of corporate venture capi-talists and entrepreneurs in CVC-backed firms, including specific and exclusive characteristics of entrepreneurs′human capital. Furthermore, this study clarifies the relations between private and shared benefits, pecuniary returns, and residual and special control right of CVC investors and entrepreneurs. The sources of control right shared benefits are also analyzed from the prospective of the specificity and exclusiveness of entrepre-neurs′human capital to determine the interactions between private and strategic control right benefits, the specificity and exclu-siveness of entrepreneur human capital, and their impacts on the allocation of CVC-backed firms′residual and special control right. Based on the three-year data of 110 listed CVC-backed firms in diversified trades and panel data for a mixed regression model, this study empirically analyzes the influence of control right benefits, entrepreneurs′human capital, and their interactions in terms of the allocation of two types of control right（residual and special） of CVC-backed firms in the setting of China′s economy. The results show a positive correlation with the specificity of human capital and a negative correlation with the exclusiveness of human capital between CVC investors′residual and special control right.Entrepreneurs′strategic private benefits of control right have a positive impact on the CVC investors′special control right ratio, whereas the CVC investors′control right strategic private benefits have a negative impa

关 键 词：公司创业投资 创业企业 控制权配置 人力资本 共享收益 

分 类 号：F271[经济管理—企业管理]