摘要
产权制度安排对创业资本的运作效率产生几乎决定性的影响。创业资本产权的合理配置应该是赋予创业资本组织相对独立而充分的产权、构建激励与约束相容的创业资本组织形式并在创业投资家和创业资本出资者之间分享剩余索取权。但我国的制度环境使高效率的产权安排难以形成,产权缺损是我国创业资本的制度特征,并由此造成了创业资本制度安排的停滞均衡。要打破这种低效率的制度均衡,就应该进行以确立创业资本完整私人产权为核心的制度创新。
The property fights institution arrangement has nearly made the decisive influence on the efficiency of venture capital. The reasonable disposition of the properly rights of venture capital is to provide venture capital organization with full property fights which are relatively independent, to construct the venture capital organization accommodating the encouragement and the restralnt, and to share the right for claim to surplus between the venture capitalist and venture investor. But our country system environment causes the high efficient property rights arrangement not to be formed. The system characteristic of venture capital in our country is property rights insufficiency, and it forms the stagnated equilibrium of the system arrangement of venture capital. For breaking up the low efficient system equilibrium, we should carry out the institution innovation about establishing the integral personal property rights of venture.
出处
《商业经济与管理》
CSSCI
北大核心
2008年第11期51-55,共5页
Journal of Business Economics
基金
国家社科基金项目(04CJL018)
浙江省软科学项目(2007C25024)
关键词
产权缺损
制度变迁
创业资本
property rights insufficiency
institution change
venture capital
