【作者】 马永强；

【导师】 赵德武；

【作者基本信息】 西南财经大学 ， 会计学， 2004， 博士

【摘要】 本文从高技术企业及其融资活动的特性入手，在分析风险资本与传统资本的本质区别的基础上，运用不完全合约理论等相关经济分析工具，对高技术企业从产生、发展到成熟整个过程中的融资合约进行了较为系统的研究，试图把握高技术企业在自身发展过程中融资机制的变迁路径，理解其不同发展阶段所对应的融资特点与融资机理，为高技术企业融资实践提供微观理论基础。全文分为六个部分。第一部分从高技术企业的内在特性出发探讨其融资活动的整体特征，旨在为整篇论文的分析构筑基本研究平台。该部分的研究思路是高技术——高技术企业——高技术企业融资。“高技术”是理解高技术企业性质的关键所在，因此，该部分首先从“属”和“种”两个方面探讨了高技术的涵义与特性，以之为起点逻辑地归纳出高技术企业高风险与高收益并存的整体财务特征。在此基础上，文章从高技术企业的截面要素和纵向发展两个方面进一步探讨了高技术企业的性质，即从截面看，技术、管理和资本三种基本要素背后隐藏着技术创新型、管理创新型和投资创新型三种人力资本；从纵向看，高技术企业发展的典型路径是从创业到上市并依次经历种子期、初创期、成长期和成熟期几个阶段。在分析高技术和高技术企业的特性的基础上，本部分最后对高技术企业融资活动的整体特征进行了概括。第二部分着力于探讨风险资本的性质和不完全合约理论，前者构筑了本文分析的重要理论基石，后者成为本文的主要分析工具。风险资本是联结高技术企业与风险投资者的纽带，对风险资本性质的认识无疑成为理解高技术企业融资机制的切入点和“金钥匙”。资本的本质在于其逐利性，分析风险资本的性质自然应从影响其收益的因素以及这些因素的作用机制切入。文章遵循从一般到特殊、从简单到复杂的分析原则，沿着“完善市场条件下投资收益的决定——不<WP=5>完善市场条件下投资收益的决定——风险资本市场上投资收益的形成”这一路径展开。即根据资产组合选择理论和资本资产定价模型的思想内核，在分析投资者决策能力、风险偏好和市场条件对投资收益的一般作用规律的基础上，结合风险资本市场的具体特性，探讨风险资本收益的形成机理，从而达到认识风险资本性质的目的。研究结果表明风险资本是一种融财务资本、人力资本、声誉资本为一体的复合型资本，与传统资本相比，其高额收益源于风险投资者的人力资本。分析工具的选取决定于研究对象的特性和工具本身的解释力。高技术企业发展的高度不确定性和企业内外利益关系人之间信息的高度不对称性，以及不完全合约理论对经济现象极强的解释力和其自身的成熟程度，促使笔者以不完全合约理论作为文章的主要分析工具。合约参与者的最终目的是为了获取更多的组织租金，而合约的不完全性又说明了剩余权利安排的重要性，所以签约人之间的利益争夺从根本上可以分为对组织租金的争夺和对剩余权利的争夺两个方面。同时，由于签约前的大数目竞价与签约后的双边供给存在本质的区别，因此，对合约的安排应该从事前和事后两个方面分别讨论。在签约前，合约的安排会以效率为导向，具有规范的性质，对组织租金和剩余权利的争夺并不是一回事。在签约后，由于“基本转换”，合约的安排主要取决于合约当事人的谈判力，具有实证的性质，对组织租金和剩余权利的争夺合而为一。文章接下来的三个部分是基于基本研究平台之上，利用上述理论基础和分析工具对高技术企业融资合约的选择、修订和重订进行具体分析。第三部分的核心内容是高技术企业融资合约的选择和初始安排问题。风险资本是理解高技术企业融资活动的“金钥匙”，对创业者与风险投资者之间谈判的分析研究既是横向比较高技术企业与传统企业融资特性的关键，也是纵向分析高技术企业融资合约变迁的逻辑起点。因此，第三部分主要围绕创业者与风险投资者之间的合约选择展开。 <WP=6>探讨融资合约问题的前提是融资问题的产生和存在。资金需求者与资金供给者的分离无疑是高技术企业融资问题产生的必要条件，但这并不能逻辑地推出必然是创业者融资，而不是风险投资者“引人”。文章对这两种可供选择的方式之间的效率比较给出了高技术企业融资问题成为现实的原因。因此，本部分的分析路径为：高技术企业融资问题产生的前提——融资问题由可能转化为现实——融资合约的选择。对融资合约选择问题是以风险资本性质、不完全合约理论以及人力资本理论为基础，以效率为导向，从融资期限、融资轮次、监控力度、证券设计等方面展开。第四部分主要探讨了高技术企业在其发展过程中融资合约的修订问题。对谈判地位变化、融资途径变化和融资结构变化的分析构成了本部分内容的三条主线。首先，与风险投资者之间的合约安排是高技术企业融资机制区别于传统企业的关键所在，高技术企业内部人（创业者或管理者）与风险投资者之间谈判地位和控制权安排的变化自然成为该部分分析的主要路径之一。其次，在高技术企业发展过程中，股权融资途径本身也呈现规律性的变迁，即在创业到上市这一发展过程中，高技术企业一般都会依次经历天使融资、风险投资机构融资和公开市场融资三种途径。这三种融资途径在融?更多还原

【Abstract】 Starting with characteristics of Hi-tech firms and their financing activities, also based on the analysis of the essential distinction of venture capital and traditional capital, this dissertation researches systematically the financing contract of Hi-tech firms from their coming into being, development to maturity by relevant economic analytical tools, such as Incomplete Contract Theory, etc... The research aims to hold the evolutional route of the financing mechanism during the development of Hi-tech firms, understand financing characteristics and financing mechanism corresponding to different stages, and provide the micro theoretical foundation for financing practices of High-tech firms. This dissertation consists six parts.The first part discusses the whole characteristic of financing activities in Hi-tech firms from their internal specialties, so as to construct the basic research platform for the holistic research.The train of thought of this thesis spreads out as “High technology”——“High-tech firms” ——“Financing in High- tech firms”. Since “High technology” is the key to understand the nature of High-tech firms, meanings and characteristics of “High technology” are discussed at the very beginning of this part from “category” side and “kind” side, which form the start to conclude logically that the concurrence of high risk with high return is the financial character of Hi-tech firms as a whole. On the base above, the thesis analyses the nature of Hi-tech firms from two aspects: sectional elements and vertical development. Namely, from the sectional view we could see that technology innovative human capital, management innovative human capital and investment innovative human capital hide at the back of three basic elements: technology, management and capital. While from the vertical view, we could know that the typical route of development of High-tech firms is from producing to coming into the market, during which Hi-tech firms will pass seed stage, start-up stage, grown-up stage and maturity stage. After analyses the characteristics of High technology and High-tech firms, whole characteristics of financing activities in High-tech firms are summarized at the end of this part. The second part pays more attention to probe into the nature of venture capital and Incomplete Contract Theory. The former constructs the important theoretical footstone for this dissertation, and the latter turns into the main analytical tool for this research.The venture capital connects High-tech firms with risk investors, undoubtedly thorough comprehension to the nature of the venture capital would become the <WP=9>breakthrough point and “gold key” to the understanding of the financing mechanism of High-tech firms. The essence of capital lies in chasing interests, naturally analyzing the nature of venture capital should begin with factors which influence its return and functional mechanism of those factors. Generally and then specially, simply and then complicatedly, the author spreads out his research as followings: “Decision of the investment and return in perfect market——Decision of investment and return in imperfect market——Formation of investment and return in venture capital market”. According to Portfolio Theory and Capital Assets Pricing Model, the author probes into the mechanism of capital and return based on the analyses about investors’ decision-making ability and risk preference and the influence of market condition to investment and return, so as to get to know the nature of venture capital. The study indicates that the venture capital is a kind of complex capital combining financial capital, human capital with reputation capital. Compared with traditional capital, venture capital’s greater return comes from risk investors’ human capital.How to choose analytical tools is decided by the characteristic of research object, and by the explanation ability of the tool itself. The reasons why the author chooses the Incomplete Contract Theory as the main analytical tool are as following:更多还原