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

Ａ Discussion about Financing Contract Selection and Control Rights Allocation of Collaborative Innovation from a Perspective of Incomplete Contract Theory

摘要:

合作创新对我国调整经济结构、实施创新驱动战略具有重要意义，如何提高其效率是“互联网 ”以及“创新创业”时代需要迫切回答的一个问题。本文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。文章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）。文章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。

Abstract:

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(industrial 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.