【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。更多还原

【Abstract】 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 important 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 production vary with different industry characteristics and the development of productivity. Compared with traditional industry 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’ operation 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,we also find that,in a certain age range,the older the founders are,the more prominent the positive effect on the performance of high-tech companies is. The results reveal that founders of Chinese private high-tech enterprises play an important role in management,and it’s important for a private high-tech enterprise to strengthen its founder control as it is being pubilized. It also confirms the necessity of the innovation of the corporate governance model in the transition from material-capital type to human-capital type for high-tech enterprises.Providing theoretical support for the founder control over private high-tech companies,this paper reveals that the founders of Chinese private high-tech enterprises play an important role in the course of the company’s management. The empirical results show that it’s important to strengthen the protection of founders’ control over private high-tech enterprises in the process of going public,providing a management model for more private high-tech enterprises in our country. When a private high-tech enterprise is relatively small in scale,it will be flexible in the structure and can make full use of the space and conditions of human capital,so the conflict of control rights is not obvious. However,when it gets bigger,the structure and quantity of shareholders will be different,and a strong injection of material capital can lead to the contradiction between human capital and material capital,which will lead to a sharp conflict of control rights. Based on the analysis of our country’s private high-tech enterprises in this paper,founders’ control position should be kept to avoid the performance fluctuation caused by their forced resignation.In recent years,founders of private high-tech companies like Baidu and Alibaba chose to go public overseas to avoid losing their control over the company. Private high-tech companies’ outflow should raise the attention of the government. This research finds that the innovation of corporate governance characterized by human capital is necessary for the high-tech enterprises,which provides a new way to improve the mechanism of China’s current securities market. The shrink of control rights over material is an inevitable trend of the development of a company in the future,especially of high-tech enterprises. Thus corresponding new allocation mode of control rights between human capital and material capital should get more attention and exploration. Therefore,it should be a new idea to promote the growth and development of knowledge-based enterprises by adjusting the control position of the founder-based management layer,and transforming the allocation pattern of control rights gradually from material capital to human capital.更多还原