基于不同成长阶段的我国中小企业控制权转移问题研究
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摘要
世界经济发展的经验表明,虽然大企业是国民经济的支柱,但中小企业同样具有广泛的发空间。特别是二十世纪六、七十年代以后,中小企业在扩大就业、活跃市场、增加收入、促进社会稳定以及形成合理的国民经济结构等方面的作用已经越来越被包括中国在内的世界各国所关注。但是对中小企业而言,资本规模的扩大,表明中小企业要突破中小企业资本的封闭性,不断吸纳外部资本;由此必然导致企业组织结构的扩展,而组织结构的扩展表明企业的委托—代理链条要不断加长。公司控制权是一种依附于公司独立人格而派生的具有利益内容的经济性权利,公司控制权安排是企业制度体系的核心和关键。中小企业成长对管理资源需求增加,而企业难以从中小企业成员中继续获得高质量的管理资源。为此,从控制权转移的角度来审视中小企业成长就显得尤为重要。中小企业成长壮大的过程也是不断吸收社会资源并让渡绝对控制权的过程,从这一角度研究中小企业成长的理论和实证还很缺乏。基于这样的背景,本研究选择中小企业成长过程中的控制权转为主题,沿着中小企业成长的时间脉络,分析了中小企业控制权转移的影响因素、控制权转移在各个不同阶段的特征和规律,寻找控制权转移与中小企业成长之间的关系,探索促进我国中小企业成长的新路径。围绕这一主题,本研究对控制权转移如何影响中小企业不同阶段的成长做了理论和实证研究。
对中小企业成长阶段的划分是本研究的起点,我们把中小企业的成长划分为三个阶段,即初创期、成长期和中小上市公司阶段。从初创期中小企业控制权转移特点来看,此时的中小企业所采用的所有权与控制权合二为一的控制权制度安排模式是与这一阶段创业者(企业家)特殊才能相适应的,这一时期的中小企业的资源(财务资源和人力资源)匹配能力是与这一阶段特征相吻合的。创业初期企业控制权根本来源是联合生产过程中投入的资源,谁掌握对企业的生存发展至关重要的“关键性资源”,谁就应该掌握企业的控制权,在成本一收益理念的指引下,企业控制权的配置是由资源本身的特殊性决定的。
处于成长阶段的中小企业控制权安排其实质是契约各相关利益主体之间的一种博弈均衡状态,合约的不完全性使得控制权配置作为一种制度安排至关重要。通过分析中小企业人力资本引进,认为处于成长期的中小企业对管理资源需求不断增加,而企业难以从中小企业成员中继续获得高质量的管理资源。为此企业必然要逐步突破内部(家族)管理资源的封闭性,要吸纳外部职业经理进入企业,并有效地对企业内具有不同利益目标函数的人力资本进行有效的整合,由此导致组织能力的增强。通过对财务资本引进与中小企业控制权转移影响的分析,认为中小企业融资难成为制约中小企业进一步发展的“瓶颈”问题,如何突破这一瓶颈,一个重要的途径是让渡企业控制权予投资者,换取企业发展所需的财务资本,才能有效的实现中小企业的健康和可持续成长。
对于中小上市公司控制权转移特点的研究囿于研究对象的特殊性,因此这一阶段控制权转移的研究主要集中在并购、机构投资者引入以及风险投资介入与退出等方式上。通过实证研究发现,现阶段我国资本市场上,并购作为一种重要的控制权转移方式对促进中小上市公司成长具有具有积极意义,并且这种控制权转移方式越来越为众多的中小上市公司所青睐,成为中小上市公司快速成长的重要手段;机构投资者作为一种有效的控制权配置机制“用手投票”的热情不断高涨,在促进中小上市公司改善公司治理结构提升治理水平发挥了重要的作用,并且机构投资者的引入推动了我国中小上市公司控制权转移市场的发展;风险投资介入的控制权是一种“状态依存权”,风险企业家与风险投资家依据中小企业不同成长阶段与方式行使控制权转移,契约的不完备性决定了企业家与风险投资家通过控制权安排解决道德风险,同时风险投资借助中小企业板实现成功退出同时也获得了巨大发展。
The experience of world economy development indicates that although the big enterprises are backbones of national economy, small and medium-sized enterprises (SMEs) have extensive development space as well. After sixties to seventies of the 20th century, countries all over the world, including China, have paid close attention to SMEs' functions on employment expansion, market flourish, incomes increase, promotion of social stability and forming rational national economic structure, etc. But for SMEs, expand the scale of capital that the SMEs to break through the closure of the SME capital, and continuously absorb foreign capital; this will inevitably lead to the expansion of enterprise organizational structure and organizational structure of enterprises show that the expansion of the commission - Acting To the growing chain. Control of the company is dependent on a company's independent personality and a derivative of the economic interests of the content of rights, the company control of the arrangement is the core of enterprise systems and key.
SME growth increased demand for the management of resources, and it is difficult for enterprises from the SME members continue to receive high-quality management of resources. To this end, the right to transfer control from the perspective to look at the growth of SMEs it is particularly important. SMEs grow the process is constantly absorbing social resources and transferring the absolute control of the process, from this point of view the growth of SMEs is still a lack of theoretical and empirical. Based on this background, the choice of this study SMEs in the process of growth control to the theme, along the growth of SMEs in the time sequence, Analysis of the transfer of control of the SMEs in the impact of factors, the transfer of control of the various stages of the characteristics and laws, looking for the right to transfer control and the relationship between the growth of small and medium enterprises, promotion of small and medium enterprises to explore new growth path. Centering on this theme, this study mainly in the following four aspects have conducted in-depth study:
First of all, in the first and second chapters on the Review of domestic and foreign SMEs and the transfer of control over the transfer of control of the literature, for SMEs, control and growth to define the concept was proposed based on different stages of development of SMEs (that is, Start-up period, growing to become a listed company) is grasping control of the general analytical framework for SMEs transfer of control of the main ways and paths in-depth analysis.
Secondly, Chapter 3 focuses on the SME start-up phase of the right to ownership and control of a system for the control of the model, and this stage entrepreneurs (entrepreneurs) and the nature of decision-making requirements of the characteristics of an in-depth analysis, SMEs in this period that the resources (financial and human resources) is the ability to match with the characteristics of this stage of the match. Venture enterprises in the early control of the fundamental sources of joint production in the course of the resources, master of business enterprise resource essential to the survival and development of "key resources" will be the master control of the enterprise, in terms of cost - earnings Under the guidance of the concept of enterprise control over the allocation of resources by the decision of their own.
Thirdly, Part 4 focuses on SME growth stage (before becoming a public company) the right to transfer control of the characteristics and laws. SMEs in the growth phase of the control of the arrangements are the essence of the contract between the main stakeholders in a balanced game, and the contract does not make complete control over the configuration as a vital institutional arrangements. Analysis of SMEs through the introduction of the view that human capital in growing small and medium enterprises in the management of an increasing demand for resources, and it is difficult for enterprises from the SME members continue to receive high-quality management of resources. To this end enterprises will have to gradually break the family resource management closed, it is necessary to absorb external professional managers into the enterprise and to the effectiveness of enterprises with different interests within the objective function of human capital for effective integration, leading to the strengthening of organizational capacity. Through the financial capital of SMEs and the introduction of the transfer of control of the impact analysis that the financing of SMEs become difficult to further development of SMEs "bottleneck" problem, how to break through this bottleneck, only some will be able to control investment risk to transfer the right investment, In order to attract investors to invest in exchange for the development of the necessary financial capital, to be effective in achieving the growth of SMEs.
Finally, the study for the growth of the SMEs listed companies the right to transfer control of the characteristics of the study limited to the special nature of small and medium-sized listed companies the right to transfer control of the mainly concentrated in Mergers and acquisitions, institutional investors and the introduction of risk involved in investment and exit, and so these types of control over the way the transfer of small and medium-sized listed companies affected. And through empirical study found that, at this stage of China's capital market, Mergers and acquisitions as an important means of control over the transfer to the promotion of small and medium-sized growth is of positive significance to promoting the growth of small and medium-sized listed companies significant meaning; institutional investors as an effective control over the allocation mechanism "voting with their hands," the rising enthusiasm And institutional investors to promote the introduction of China's small and medium-sized listed companies the right to transfer control of the development of the market; seen from the practice of risk investment involved in the control of a state of dependence, Risk entrepreneurs and venture capitalists based on different growth stages of SMEs and exercise control over the transfer of deeds and completeness of the decision not a risk for entrepreneurs and venture capitalists through the control of the arrangements to resolve the risk of moral hazard. At the same time help of venture capital to achieve success withdraw from the SME board also received a tremendous development.
对中小企业成长阶段的划分是本研究的起点,我们把中小企业的成长划分为三个阶段,即初创期、成长期和中小上市公司阶段。从初创期中小企业控制权转移特点来看,此时的中小企业所采用的所有权与控制权合二为一的控制权制度安排模式是与这一阶段创业者(企业家)特殊才能相适应的,这一时期的中小企业的资源(财务资源和人力资源)匹配能力是与这一阶段特征相吻合的。创业初期企业控制权根本来源是联合生产过程中投入的资源,谁掌握对企业的生存发展至关重要的“关键性资源”,谁就应该掌握企业的控制权,在成本一收益理念的指引下,企业控制权的配置是由资源本身的特殊性决定的。
处于成长阶段的中小企业控制权安排其实质是契约各相关利益主体之间的一种博弈均衡状态,合约的不完全性使得控制权配置作为一种制度安排至关重要。通过分析中小企业人力资本引进,认为处于成长期的中小企业对管理资源需求不断增加,而企业难以从中小企业成员中继续获得高质量的管理资源。为此企业必然要逐步突破内部(家族)管理资源的封闭性,要吸纳外部职业经理进入企业,并有效地对企业内具有不同利益目标函数的人力资本进行有效的整合,由此导致组织能力的增强。通过对财务资本引进与中小企业控制权转移影响的分析,认为中小企业融资难成为制约中小企业进一步发展的“瓶颈”问题,如何突破这一瓶颈,一个重要的途径是让渡企业控制权予投资者,换取企业发展所需的财务资本,才能有效的实现中小企业的健康和可持续成长。
对于中小上市公司控制权转移特点的研究囿于研究对象的特殊性,因此这一阶段控制权转移的研究主要集中在并购、机构投资者引入以及风险投资介入与退出等方式上。通过实证研究发现,现阶段我国资本市场上,并购作为一种重要的控制权转移方式对促进中小上市公司成长具有具有积极意义,并且这种控制权转移方式越来越为众多的中小上市公司所青睐,成为中小上市公司快速成长的重要手段;机构投资者作为一种有效的控制权配置机制“用手投票”的热情不断高涨,在促进中小上市公司改善公司治理结构提升治理水平发挥了重要的作用,并且机构投资者的引入推动了我国中小上市公司控制权转移市场的发展;风险投资介入的控制权是一种“状态依存权”,风险企业家与风险投资家依据中小企业不同成长阶段与方式行使控制权转移,契约的不完备性决定了企业家与风险投资家通过控制权安排解决道德风险,同时风险投资借助中小企业板实现成功退出同时也获得了巨大发展。
The experience of world economy development indicates that although the big enterprises are backbones of national economy, small and medium-sized enterprises (SMEs) have extensive development space as well. After sixties to seventies of the 20th century, countries all over the world, including China, have paid close attention to SMEs' functions on employment expansion, market flourish, incomes increase, promotion of social stability and forming rational national economic structure, etc. But for SMEs, expand the scale of capital that the SMEs to break through the closure of the SME capital, and continuously absorb foreign capital; this will inevitably lead to the expansion of enterprise organizational structure and organizational structure of enterprises show that the expansion of the commission - Acting To the growing chain. Control of the company is dependent on a company's independent personality and a derivative of the economic interests of the content of rights, the company control of the arrangement is the core of enterprise systems and key.
SME growth increased demand for the management of resources, and it is difficult for enterprises from the SME members continue to receive high-quality management of resources. To this end, the right to transfer control from the perspective to look at the growth of SMEs it is particularly important. SMEs grow the process is constantly absorbing social resources and transferring the absolute control of the process, from this point of view the growth of SMEs is still a lack of theoretical and empirical. Based on this background, the choice of this study SMEs in the process of growth control to the theme, along the growth of SMEs in the time sequence, Analysis of the transfer of control of the SMEs in the impact of factors, the transfer of control of the various stages of the characteristics and laws, looking for the right to transfer control and the relationship between the growth of small and medium enterprises, promotion of small and medium enterprises to explore new growth path. Centering on this theme, this study mainly in the following four aspects have conducted in-depth study:
First of all, in the first and second chapters on the Review of domestic and foreign SMEs and the transfer of control over the transfer of control of the literature, for SMEs, control and growth to define the concept was proposed based on different stages of development of SMEs (that is, Start-up period, growing to become a listed company) is grasping control of the general analytical framework for SMEs transfer of control of the main ways and paths in-depth analysis.
Secondly, Chapter 3 focuses on the SME start-up phase of the right to ownership and control of a system for the control of the model, and this stage entrepreneurs (entrepreneurs) and the nature of decision-making requirements of the characteristics of an in-depth analysis, SMEs in this period that the resources (financial and human resources) is the ability to match with the characteristics of this stage of the match. Venture enterprises in the early control of the fundamental sources of joint production in the course of the resources, master of business enterprise resource essential to the survival and development of "key resources" will be the master control of the enterprise, in terms of cost - earnings Under the guidance of the concept of enterprise control over the allocation of resources by the decision of their own.
Thirdly, Part 4 focuses on SME growth stage (before becoming a public company) the right to transfer control of the characteristics and laws. SMEs in the growth phase of the control of the arrangements are the essence of the contract between the main stakeholders in a balanced game, and the contract does not make complete control over the configuration as a vital institutional arrangements. Analysis of SMEs through the introduction of the view that human capital in growing small and medium enterprises in the management of an increasing demand for resources, and it is difficult for enterprises from the SME members continue to receive high-quality management of resources. To this end enterprises will have to gradually break the family resource management closed, it is necessary to absorb external professional managers into the enterprise and to the effectiveness of enterprises with different interests within the objective function of human capital for effective integration, leading to the strengthening of organizational capacity. Through the financial capital of SMEs and the introduction of the transfer of control of the impact analysis that the financing of SMEs become difficult to further development of SMEs "bottleneck" problem, how to break through this bottleneck, only some will be able to control investment risk to transfer the right investment, In order to attract investors to invest in exchange for the development of the necessary financial capital, to be effective in achieving the growth of SMEs.
Finally, the study for the growth of the SMEs listed companies the right to transfer control of the characteristics of the study limited to the special nature of small and medium-sized listed companies the right to transfer control of the mainly concentrated in Mergers and acquisitions, institutional investors and the introduction of risk involved in investment and exit, and so these types of control over the way the transfer of small and medium-sized listed companies affected. And through empirical study found that, at this stage of China's capital market, Mergers and acquisitions as an important means of control over the transfer to the promotion of small and medium-sized growth is of positive significance to promoting the growth of small and medium-sized listed companies significant meaning; institutional investors as an effective control over the allocation mechanism "voting with their hands," the rising enthusiasm And institutional investors to promote the introduction of China's small and medium-sized listed companies the right to transfer control of the development of the market; seen from the practice of risk investment involved in the control of a state of dependence, Risk entrepreneurs and venture capitalists based on different growth stages of SMEs and exercise control over the transfer of deeds and completeness of the decision not a risk for entrepreneurs and venture capitalists through the control of the arrangements to resolve the risk of moral hazard. At the same time help of venture capital to achieve success withdraw from the SME board also received a tremendous development.
引文
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[2]按照科斯的分析,在交易费用不等于零的情况下,只要产权界定清晰明确,具有外部性的双方可以通合约找到交易费用最低制度安排。
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[2]参见阿道夫·贝利(1962),第63-64页。
[3]由于投资主体多元化和投资者出自方式的多样化,说投资者形式所有权进行投资已非常不准确。比如,公司等法人企业和非法人组织用知识产权投资、用债权投资。
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