The Research On The Selection Of Control Rights Structure And Its Allocation In The Growth Process Of Venture Enterprise

In the recent 20 years, our country has experienced a quick development in the Venture Capital. Venture Capital Institution that has sufficient fund and specialized operation ability have been acting the more and more important role in the country's development in sei-teeh industries. But after venture capital Institution involvemented the venture enterprise, Venture enterprise's control structure has had the change; However, this kind of control structure change will directly affect growth of the venture enterprise. Therefore, in the venture enterprise growth, the control structure select and its the allocation will be the question which urgently awaits to be solved.In this paper, for the effective promotion of the venture enterprise growth, take the control rights of venture enterprises as the main breakthrough point, utilize the principal-agent theory in the information economics, the theory of incentives, the theory of transaction cost and the theory of contract and so on, based on the existing domestic and international research , construct the optimum model of control rights of Venture enterprise structure select, and carries on the select to the Venture enterprise control right structure, simultaneously study the control rights structure allocation question, and the relation between control right structure and enterprise growth.Through the model discussion and empiricall research, the paper obtain below main conclusion: (1) Joint control implements the efficient action plan, but is feasible only if the VC has sufficient bargaining power in future negotiations, and the firm's liquidation value is sufficiently high. (2)VC control is efficient only if the VC's liquidity costs and monitoring costs are low. (3) joint control is the optimal control allocation if and only if the following conditions are satisfied:μ>(?) and (I+m)∈)(K_vc,K_j].(4)Partial joint control is the optimal control allocation if and only if the following conditions are satisfied:μ>(?) and I+[θα+(1-θ)(1-α)]m∈(K_mv,K_jv].(5)In the VC control rights constitution, the board of directors power is most important, next is the special control rights including the settlement power, the redeems power, one-vote veto and so on, finally is the stockholder's rights; (6) the VC control rights and the VC growth potential are highly related, and major factors that effect VC growth potential are venture capital firms in the proportion of the Board of directors (C₂) and venture capital company has special control or not(C₄).The conclusion of this research paper might has provided certain theory instruction for Venture enterprise's control rights structure option and the concrete right disposition.