CAJ | 학술논문

对创业企业而言,“成长与控制”往往是两难问题.引入外部资金导致的快速成长与保留控制权之间存在一定的矛盾和冲突.虽然控制权对创业投资者和创业企业家的意义并不相同,但双方出于自身利益的优化,都会积极争取更多的控制权.控制权配置不仅对创业企业家和风险投资者的个人收益产生影响,而且还会影响企业的价值.文章在对控制权的内涵、创业企业控制权的来源、作用及其配置和转移进行了文献梳理的基础上,构建了创业企业控制权初始配置对企业成长影响机理的研究框架.研究认为创业企业控制权配置是影响创业企业成长绩效的重要因素,其作用机理是通过影响创业投资者的监督约束行为和创业企业家的努力程度等中介变量而发挥作用.
대창업기업이언,“성장여공제”왕왕시량난문제.인입외부자금도치적쾌속성장여보류공제권지간존재일정적모순화충돌.수연공제권대창업투자자화창업기업가적의의병불상동,단쌍방출우자신이익적우화,도회적겁쟁취경다적공제권.공제권배치불부대창업기업가화풍험투자자적개인수익산생영향,이차환회영향기업적개치.문장재대공제권적내함、창업기업공제권적래원、작용급기배치화전이진행료문헌소리적기출상,구건료창업기업공제권초시배치대기업성장영향궤리적연구광가.연구인위창업기업공제권배치시영향창업기업성장적효적중요인소,기작용궤리시통과영향창업투자자적감독약속행위화창업기업가적노력정도등중개변량이발휘작용.
For new ventures,it is often a dilemma between growth and control.Because of the introduction of external fund?ing,there are certain contradictions and conflicts between rapid growth and retention of control rights.The value of control pow?rights to venture investors and venture entrepreneurs is different,but both of them strive for more to optimize their own interests. Allocation of control power not only affects the personal income of venture entrepreneurs and venture investors,but also affects enterprise value.Based on the literatures about connotation,sources,effects,allocation and transfer of control rights,this pa?per constructs a research framework of the impact of initial allocation of control rights on the growth of new venture, which has important theory value and practical significance.