The Corporate Governance Optimization Of High&New Technology Enterprises

The high-tech enterprises are more prominent asymmetric information than traditional enterprises, which includes at least two levels of information asymmetry: First, enterprise of information between internal and external is asymmetry, which the asymmetry of information is between shareholders and managers. In the high-tech enterprises, asymmetric information mainly is between venture capitalists and managers; Second, asymmetric information lie in between internal enterprise managers and technical-developed staff. Because of these two levels of information asymmetry, the high-tech enterprises have higher risk than traditional enterprises. Venture capital has become the best option to the high-tech enterprises. So venture capital has played a unique role in corporate governance; Other human capital of the high-tech enterprises has led to more important than the traditional enterprise. Incentive and restrictive of human capital is most important to corporate governance.Similarly, because the high-tech enterprises lie in two-level information asymmetry, there are also different in capital structure between high-tech enterprises and traditional: The capital structure of traditional enterprises is composed by the equity capital and debt capital; The capital structure of high-tech enterprises is composed by human capital and venture capital. So shares of high-tech enterprises include equity investors, equity risks, technology innovation and technology workers equity shares. In the market, it can be written as: E=Ei+Es+Et. In this paper, technology entrepreneurs and technological innovation laborers equity shares are taken as human capital. In high-tech enterprises, the improvement of corporate governance means reducing two-level of information asymmetry and avoiding adverse selection and moral hazard of human capital owners. Therefore, the key that we analysis the structure of corporate governance of high-technology should be in the perspective of both venture capital and human capital.According to the two-level information asymmetry, the optimization of high-technology corporate governance should be carried out along two paths: First, we should optimize corporate governance internal mechanisms; Second, we should optimize external governance mechanisms. The first way is the choice of capital structure, venture capital, incentive and constraint of human capital; The second way involves the external environment of high-technology corporate governance, including the capital market, the equity market and the talent market.