【摘要】 本文以目前出现的新型知识型组织为入手点，按理现代企业理论对企业所有权安 排的原则，分析了在知识型企业中，由予资本、经理人才、技术创新人才之间相对的稀缺 程度不同，所导致的不同的治理结构。并进一步引申开去，发现在知识经济中（１）知识 型企业的所有权安排是一个动态的、状态依存的所有权安排。（２）知识型企业的所有权 安排不是单个企业的所有权安排，而是一系列企业所有权安排的组合。这种发现与风 险投资体系的运作方式极为相似，由此进一步得出了风险投资体系是知识经济发展的 途径探索、知识经济是知识与资本的合作而不是知识与资本的较量的结论。更多还原

【Abstract】 As article is based on the appearance of new governance structure of knowledge firm, using the fule of modern firm theory about the arrangement of ownership, analyze the difference governance structures in knowledge firm because of the difference of relative shortage degreee of capital resource, management resource and innovation resource.Then find that: (1)the ownership arrangement of knowledge firm is dynamic and state - contigent; (2)the ownership a arrangement of knowledge firm comprise not a single for but a series firms. As finding is very similar with the operation rule of venture capital system. So this article make the further conclusion (1) venture capital system is the way exploration of the development of knowledge economy. (2) knowledge economy is not competitive but co- operation of the knowledge and the capital.更多还原