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“大众创业、万众创新”需要金融支持,但创业型企业融资难的事实意味着该领域存在市场失灵。本文尝试对此给出理论解释。分析表明,创业创新面临着高度不确定性,静态契约安排下投资者处于消极地位,不能充分发挥创业企业的增长潜力,融资交易很难成功。相对而言,动态契约能很好地适应不确定性环境,相关条款确保投资者具有足够动力和能力积极介入融资过程,充分挖掘不确定性带来的增长期权价值。传统金融机构不善于利用动态契约组织交易,这是其金融服务供给不足的主要原因。本文结论可以解释中国资本总量充裕——创业融资不足的悖论,并可为改善创业融资环境提供一定参考。
“Public entrepreneurship, innovation ” Need financial support, but the fact that the financing of venture-funded enterprises means that there is market failure in this area. This article attempts to give a theoretical explanation. The analysis shows that entrepreneurial innovation faces a lot of uncertainties. Under the static contractual arrangements, investors are in a negative position and can not give full play to the growth potential of start-ups. Financing transactions are difficult to succeed. Relatively speaking, the dynamic contract can well adapt to the uncertainty environment, the relevant provisions to ensure that investors have enough power and ability to actively involved in the financing process, fully tap the value of growth options caused by uncertainty. Traditional financial institutions are not good at using dynamic contracts to organize transactions, which is the main reason for the inadequate supply of financial services. The conclusion of this paper can explain the abundant capital in China - the paradox of lack of venture financing, and provide some reference for improving the financing environment of venture capital.