A Study On Developmental Mode Of High-technology Enterprice Owened By University

High-technology Enterprise Owned by University (HEOU) is in essence the enterprise that takes high technology as its basis. Human capital, represented by entrepreneur, managers, R&D personnel and technicians, is playing a much bigger role in HEOU than in traditional enterprise. Much quicker development of HEOU can only be assured by establishing enterprise developmental mode that adapt to human capital development,by solving problems related to motivity, property rights security systems, corporate governance and management of HEOU and establishing effective mode of enterprise governance structure.The development, causes of emergence and obstacles during the various development phases faced by HEOU are studied with historical evolution method. It is demonstrated in the article that HEOU is a result of specific historical conditions in China, and further development of HEOU is prohibited with the obstacles from both systems and institutions. Environment is considered as an important part of the developmental dynamics of HEOU. Systematic analysis on the developmental environment is conducted from the perspective of government policies, resources owned by universities, venture capital investment and tertiary service department, human capital pricing market and transaction market of physical capital, in which their functions and roles are discussed.Based on the comparative study on the British-America Mode and Germany-Japan Mode on corporate governance, I propose that the three fundamental factors, which are the transparent property right of physical capital, human capital and the relationship between both forms of property rights respectively, do exist in the reconstructing process of corporate governance in HEOU. It is demonstrated in the dissertation that corporate governance structure dominated by property right of physical capital must be adjusted and a dual property right system based on both physical capital and human capital and a new corporate governance structure should be established for the sake of quick development of HEOU in China. It is pointed out in the dissertation that the organizing form of property right in HEOU is similar to that of state-owned and collective property rights, and transparent property right in HEOU is the original motivity in the process of development in HEOU on which corporate governance structure and managerial mode is based is effective.The developmental dynamics of High Technology firms based on the profit-seeking nature of both physical capital and human capital is put forward in the context of HEOU. It is also exposed in the dissertation that the persistent motives of pursuing benefits by both types of capital owners is the original motivity that drives firms to make technological innovation, marketing innovation and managerial and cultural innovation. A mode of the benefit-seeking nature of capital and the incentive of enterprise innovation is build in this dissertaaion which represents the relationship between the enterprise innovation and the benefit-seeking nature of capital and provide with a theoretical basis for further study of the mechanism of interaction between the motivity and innovative activities.A symmetric affiliated value model is build, in which two investment strategies with or without government's prize are studied respectively. The following important conclusions are drawn with the model: (1) The firm will invest more aggressively with constant or variable prize than without prize. (2) The firm's investment level will increase in prize. Only if the constant prize is large enough, does the firm invest more aggressively with constant prize than with variable prize. (3) The effect of the prize on the investment level will reduce with much more firms engaging in R&D. The research conclusion provides basis for government policy makers in making incentive investment policy to develop the HEOU.It is opened out from the perspective of evolution that physical capital and human capital maintain a dynamic cooperative and complementary relations wher...