民营高科技公司创始人控制权与公司业绩  

The Founder Control Over Private High-tech Corporations and Their Performance

作　　者：徐炜[1] 王超[1] 

机构地区：[1]首都经济贸易大学工商管理学院,北京100070

出　　处：《经济管理》2016年第9期61-75,共15页Business and Management Journal ( BMJ )

摘　　要：本文以人力资本作用最为突出的高科技企业控制权配置为出发点,选取2008—2010期间IPO的中国民营高科技公司为研究样本,采用实证分析方法,以期从创始人管理的作用这一角度丰富民营高科技公司治理的相关研究。研究结果表明,创始人掌握经营控制权有利于提高民营高科技上市公司的业绩水平,并能有效抑制公司业绩波动,而且,创始人掌握经营控制权对公司业绩积极作用的长期效应大于短期效应。此外,研究还发现,在一定年龄范围内,创始人年龄越大,其对高科技公司业绩水平的积极作用越突出。本文期望通过对这一问题的讨论,提升对知识、信息和技术等人力资本在民营高科技企业公司治理中作用的认识,促进民营高科技公司控制权机制的创新,并加快我国现行的上市制度创新与改革。Corporate control allocation is the essential part of corporate governance. The appropriate allocation of corporate control will improve performance and protect stakeholders＇ right and interests, and thus pretty scholars devoted themselves to the study of allocation of corporate control. However, the appropriate allocation of corporate control among different actors has not been resolved effectively. For Chinese private enterprises, founders are one im- portant actor over control of the company. We are wondering how much authority founders should have in different periods. So we will discuss whether it is good for the development if founder keep controlling corporation after it is publicized. Previous studies mainly focus on the system itself, separation of ownership and control rights, and the resulting conflict of interests of shareholders, and ignor the production property of enterprises, industry characteristics and some other issues. However, corporation＇ s production nature makes it the combination of human capital and material capital, and the joint use of them leads to production surplus. At the same time, their role and power on the produc- tion vary with different industry characteristics and the development of productivity. Compared with traditional indus- try enterprises, immaterial capital like knowledge, information and technology is more prominent in the process of development of high-tech companies with high talent density, high innovation and organizational structure. Starting from high tech enterprises whose human capital is the most prominent, we have selected China＇ s private high-tech IPO corporations between 2008 and 2010 as sample. This research finds that founders＇ control over companies＇ op- eration is conducive to improve the performance of high-tech private IPO companies, and effectively restrains the volatility. Moreover, the positive effect of founders＇ control over companies＇ operation on the performance is greater in the long term than in the short term. In addition,w

关 键 词：高科技企业 创始人 控制权 公司业绩 

分 类 号：F276[经济管理—企业管理]