所有权安排及经理人对战略性新兴产业培育的影响——基于不完全合同理论.doc

所有权安排及经理人对战略性新兴产业  宋波赵良杰 上海师范大学旅游学院西南民族大学管理学院 将战略性新兴产业培育的过程依据决策时序划分为技术研发和成果产业化两个 阶段，基于不完全合同理论构建模型，探讨在政府决策主导下公有制、私有制及 混合所有制所有权安排及经理人努力对研发和运营投入的影响.研宄表明，混合 所有制安排对战略性新兴产业技术研发投入的作用显著；由于政府私人收益及寻 租动机的效率损失，从而会错失公有制下最大化社会福利效益的最优所有权安 排.进一步扩展模型，引入经理人作用分析不同所有权安排下战略性新兴产业运 营投入及经理人收益和努力水平，得出私有制和混合所有制下经理人的薪酬激 励占优，而公有制下运营投入和经理人努力水平更接近效率水平.最后，针对战 略性新兴产业培育的混合所有制安排，讨论了战略性新兴产业运营组织形式、政 府定位及经理人激励的政策启示. 关键词： 战略性新兴产业;所有权安排;混合所有制;经理人;不完全合同; 宋波(1981—)，男，，副教授，研究方向为创新战略、合作创 新. 2016-03-08 基金：国家自然科学棊金青年项A “棊于技术和制度共同演化的战略性新兴产业 协同创新机制研宄” Impact of Ownership Arrangement and Manager Effort on the Cultivation of Strategic Emerging Industries Based on the Incomplete Contract Theory SONG Bo ZHAO Liang-jie Institute of Tourism，Shanghai Normal University; College of Management，Southwest University for Nationalities; Abstract： The development process of strategic emerging industries was divided into RD stage and operation stage depending on the decision sequence. Based on the incomplete contract theory, it constructed the model to analyze the impact of ownership arrangement and manager effort on the RD investment and operation input of strategic emerging industries. Research results show that the hybrid ownership arrangement has significant impact on RD investment, but due to the private income and rent seeking motivation by government, the optimal ownership arrangement for maximization of social welfare will be missed under the public ownership arrangement. Then, introducing the role of manager effort to extend the model, it analyzed the operation inputs and executive income and effort under different ownership arrangements. It finds that manager compensation incentive is dominant under private and hybrid ownership arrangements, while operation input and manager’s effort are closer to the efficiency level under public ownership arrangement. Finally, it discussed the policy implications of strategic emerging industries development. Keyword： strategic emerging industry; ownership arrangement; h