联系我们

论文查询结果	返回搜索

论文编号：	815
作者编号：	2120062309
上传时间：	2008/12/10 16:49:32
中文题目：	我国高新技术企业的治理优化研究
英文题目：	A Study on the Optimization of
指导老师：	李维安
中文关键字：	高新技术企业;公司治理;风险资本
英文关键字：	High-Tech Enterprise;Corporate
中文摘要：	随着我国经济的高速发展，高新技术企业在国民经济中扮演着越来越重要的角色。高新技术企业的迅速崛起，为我国的经济发展提供了新的增长点和新的动力源泉。同时，也对高新技术企业公司治理的相关理论研究提出了新的课题。我国的高新技术企业和发达国家之间还存在着相当大的差距，而造成这种差距在很大程度上是由公司治理水平所致。因此，在借鉴国外先进经验的基础上，结合我国的实际情况，研究高新技术企业治理及其发展，探索我国高新技术企业治理优化的路径，对我国建立创新型国家有着非常重要的意义。 和传统企业相比较，高新技术企业具有独特的特征，特别是信息不对称性更加突出。这种不对称性主要体现在两个层面：一是企业外部与内部之间，即股东与经营管理者之间信息的不对称性；二是在企业内部，即管理者与技术开发人员之间的不对称。这两个层面的不对称性，导致高新技术企业具有更高的风险性，同时，也使得人力资本在高新技术企业中占据了核心地位。而高新技术企业治理的优化就是要减少两个层面的信息不对称，一方面分散风险投资家的投资风险，另一方面规避人力资本所有者的逆向选择和道德风险。 我国高新技术企业治理的优化应该结合目前的治理现状，从这两个层面来降低信息的不对称性，沿内外两条路径，分别从风险资本与人力资本角度展开。通过选择最优资本结构，优化资本治理机制和优化人力资本激励机制和约束机制等途径来优化公司内部治理机制；通过完善我国的资本市场、产权市场、人力资本市场等来完善公司外部治理机制。
英文摘要：	With the rapid economic development in China, high-Tech enterprises are playing a critical important role in the national economy. The rapid growth of high-Tech enterprises provides a new drive to China's economic development. Meanwhile, it brings new subjects to corporate governance theory. There is still a large gap between high-Tech enterprises in China and those in developed countries, which is mainly due to the difference in corporate governance. Therefore, it is very important to research in high-Tech enterprise management and explore measures to optimize the management of high-Tech enterprises with the combination of advanced experience from abroad and the practical situation in China, as we are endeavoring to build China as an innovation-oriented country. Compared with traditional enterprises, high-Tech enterprises have unique characteristics, especially in information asymmetry. This asymmetry is mainly manifested in two aspects: the first is between the inside and outside the company, that is, between shareholders and the management team; the second is between the management and R&D team within the enterprise. The asymmetry brings higher risks to high-Tech enterprises, which leads to the core position of human capital. The target of corporate governance optimization is to diminish the information asymmetry so as to reduce investment risks and avoid the adverse selection and moral hazard of human capital owners. To optimize the corporate governance of high-Tech enterprises, they should reduce the information asymmetry in venture capital and human capital based on current situation. They may improve the internal management mechanism by choosing the optimal capital structure and optimizing the mechanisms of capital management and human capital incentive plans, and improve the external management mechanism by optimizing China's capital market, property market, and human capital market, etc.
查看全文：	预览  下载(下载需要进行登录)