【摘要】 通过建立一个包含收益权和决策权分配的创业融资模型,探讨了创业企业融资额与企业的收益权和决策权分配之间的影响关系,得出了对应不同融资额的融资双方控制权配置方式,分析了对我国高科技创业企业融资的启示.其结论为,银行和风险投资在高科技企业融资中可以发挥不同的作用,应采用专业化经营以降低参与管理的成本.更多还原

【Abstract】 By constructing a model on the allocation of cash-flow right and dicision right,this paper discussed the relationship between the amounts of investment needed and the allocation of these two rights in the company.The result shows that different amount of investment needed corresponds to different allocation of these two rights.It also discussed the policy implications for the financing practices of the high-tech start-ups,that is,bank and venture capital can play different roles in the financing of hi-tech start-up’s finance and they should specialize in the operation field to reduce the cost of taking part in the management activities.更多还原