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Study Of Corporate Governance Mechanism In China's Science And Technology Risk

Posted on:2006-12-07Degree:DoctorType:Dissertation
Country:ChinaCandidate:X L ZhuFull Text:PDF
GTID:1116360152470338Subject:Agricultural Economics and Management
Abstract/Summary:PDF Full Text Request
The high-tech industry is very important in the economy growth, the development of the industry structure and the full employment in our country. Because the emphasis of our economic policy has been changed to support the civil high-tech firms, the studying of the venture capital mechanism including the governance mechanism of the venture-backed firm turns out to be very crucial. Since the venture capital can solve the asymmetric information in the investment of a new high-tech firm efficiently, it is the optimal connection mechanism between the capital market and the high-tech industry. The venture capital mechanism's working normally depends on a series of complicated system arrangements in which the venture-backed firm's property arrangement or governance mechanism is a crucial part. Based on analyzing lots of literatures from home and abroad and my investigating, I did a deep studying on the problem of the governance mechanism of the venture-backed firm of our country in both normative and positive methods. Besides the introduction, the main contents are as following:At first, I analyzed the origin and the evolving path and the current situation of the venture capital mechanism of our country. They exert important influence on the property system of the venture-backed firm, concentrately embodying in the supplying structure of venture capital. The feature of the venture capital's supplying structure, which is the source of efficiency, is that the country capital plays a main role in our country. So, in order to prompt the efficiency of the property system of the venture-backed firm of our country, we must take precautions to speed up the formation of the civil venture capital.Secondly, I analyzed the direct affecting factors of the governance mechanism of the venture-backed firm. On one hand, both venture capital and the manpower of the entrepreneur are very special production factors and their property feature are the basis on which the venture-backed firm's property system forms. On the other hand, the both dealers' position in which they occupy their property and their bargaining skill also has important influence on the governance mechanism. Speaking generally, the entrepreneur's property relation is clear; meanwhile, because of being informative in the asymmetric information, he always has enough bargaining ability. However, because of being a financial agent, the venture capitalist's experience and activity are the reason why different venture-backed firm has different governance mechanism.Thirdly, considering that the current theory on the property relation of the venture-backed firm is not sufficient, in order to prepare theoretical basis for analyzing thegovernance mechanism of the venture-backed firm in our country, I analyzed deeply the property structure of the venture-backed firm and grasped theoretically the feature of the venture-backed firm's property arrangement.Continually, based on the data from my investigating with other literatures from home and abroad, I examed the theoretical conclusion drawn in the context; in the meantime, the current situation of the governance mechanism of our country's venture-backed firms was disclosed.At the end of the dissertation, some main conclusions were reached and some recommendation policies and suggestions were put forward.The main results of the dissertation are as following:(1) The origination and the evolving process of the venture capital industry of our country disclose that the main feature of our venture capital market is: the government is the main supplier of the venture capital regimentation and this transfer is characteristical of forced transfer. Our government prompted the venture capital industry mainly by the way of setting up a lot of venture capital companies, not improving the investing envoirment. This led to a result that the government capital is main source of our venture capital, embodying in three aspects: at first, the civil-capital-backed venture capital firms account for a smaller proportion in all these firms; secondly, because...
Keywords/Search Tags:Venture Capital, The High-Tech Venture-Backed Firm, The Arrangement of Ownership, The Governance Mechanism
PDF Full Text Request
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