风险资本与公司价值——基于企业家控制权视角的研究脉络

发布时间：2018-11-27 10:54

【摘要】：风险资本被普遍认为能够提高公司的治理与管理水平,并最终提高公司价值。然而,从风险资本到公司价值之间的作用机理有待进一步考察。首先,本文阐述了公司财务学的Fisher-Modigliani-Miller传统以及该传统中公司投资政策(包括投资水平与内部资本配置)决定公司价值的命题。其次,放宽该传统的企业假设与公司价值最大化假设,沿袭新制度经济学尤其是契约经济学的逻辑,将公司投资政策追溯到企业家的控制权,并将后者分解为治理控制权与管理控制权,厘清两类控制权对公司投资政策的不同影响。再次,基于风险资本文献,揭示风险资本对企业家控制权的作用。最后,提炼出风险资本对公司价值的"风险资本→企业家控制权→公司投资政策→公司价值"作用路径,并指出了若干研究关键点。
[Abstract]:Venture capital is generally considered to improve corporate governance and management, and ultimately improve corporate value. However, the mechanism from venture capital to corporate value needs further investigation. Firstly, this paper expounds the Fisher-Modigliani-Miller tradition of corporate finance and the proposition that the company's investment policy (including investment level and internal capital allocation) determines the value of the company. Secondly, we should relax the traditional assumption of firm and maximize firm value, follow the logic of new institutional economics, especially contract economics, and trace the investment policy of company to the control right of entrepreneur. The latter is decomposed into governance control and management control to clarify the different influences of the two kinds of control on corporate investment policy. Thirdly, based on the literature of venture capital, it reveals the effect of venture capital on entrepreneur control. Finally, the paper abstracts the function path of venture capital to the value of the company, and points out some key points of the research on the role of venture capital in the value of the company, "the control right of venture capital and entrepreneur's right of control" and the investment policy of the company.
【作者单位】：南开大学商学院;中国社会科学院工业经济研究所;对外经济贸易大学国际经济贸易学院;
【基金】：国家自然科学基金面上项目“风险资本、企业家控制权与公司投资政策——基于中国民营上市公司的研究”(71372096)
【分类号】：F275

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