论文部分内容阅读
风险资本市场财务治理是借助财务契约在风险资本投资者、风险资本家和风险企业家之间配置剩余财务索取权和剩余财务控制权,是为了降低三者之间产权交易成本而设计的一种制度装置。在上述财务治理主体中,兼有物质资本所有者与人力资本所有者二重身份的风险资本家是最重要的财务治理主体。从总体上讲,风险企业的财务控制权呈现出明显的状态依存性。我国风险企业财务治理模式创新的基本思路是:在主要的财务治理主体之间建立剩余财务收益权和剩余财务控制权对称性的制度安排,进而健全风险企业的财务激励与约束机制。
The financial governance of venture capital market is the use of financial contracts to allocate residual financial claims and residual financial control rights among venture capital investors, venture capitalists and risk entrepreneurs. It is a system designed to reduce the transaction costs of property rights among the three parties. Device. Among the above-mentioned subjects of financial governance, venture capitalists with the dual identity of material capital owners and human capital owners are the most important financial governance subjects. In general, the risk control of financial enterprises shows a clear state of dependency. The basic idea of the innovative financial governance model of China’s risk enterprises is to establish the institutional arrangements for the symmetry between the remaining financial income rights and the remaining financial control rights among the main financial governance entities, and then improve the financial incentive and restraint mechanisms of the venture companies.