企业合作创新的融资契约选择与控制权配置问题探讨:基于不完全契约的框架

摘要

对现有合作创新研究进行了回顾和总结,强调了合作创新的不完全契约本质.基于不完全契约框架,分析指出,控制权配置是影响合作创新的一个重要因素,而融资契约的选择不仅反映了企业的资金成本和融资风险,还会影响到利益的分配(即控制权的配置),进而提出了将融资契约选择与控制权配置相结合分析合作创新这一研究新思路.%Collaborative innovation is very important for our economic restructuring and the implementation of innovation-driven strategy.How to improve its efficiency has been of concern to scholars.Based on the systematically review about collaborative innovation from traditional theoretical perspectives(industtial organization based perspective,the transaction cost theory (TCE) and resource dependence theory),this paper points out the necessity of incomplete contract framework analysis.After reviewing and summarizing the current literature based on incomplete contract,this paper emphasizes the impact of financing contract selection and allocation of control rights on improving the efficiency of cooperative innovation.It also notes that financing contract selection will affect the allocation of control rights of the follow-up cooperation.At last,this paper puts forward new ideas for future cooperative innovation based on incomplete contract framework.