高新技术转化融资途径选择的契约分析

本文运用不完全契约理论,深层次地剖析高新技术融资难问题,认为高新技术缔约的信息不完全、信息不对称,加之缔约人的有限理性,使得高新技术转化过程中产生了三个层面上的契约不完全。通过分析市场、中介和内部这三种融资途径的私人收益和甄别能力,综合比较它们对高新技术转化的支持能力。在此基础上,进一步探讨科研院所衍生企业、担保机构担保贷款和产学研联盟这几种高新技术转化途径的融资激励。最后对高新技术转化的融资途径选择提出了几点建议。

The Contractual Analysis of Capital Raising Channels in the High-tech Transfer

As viewed from incomplete contract theory,this paper gives deep-level reasons for the problem that high-techs are hard to raise enough capital.We argue that main reasons depend on information incomplete,imfomation asymmetric,as well as limited ration of Contracting agent.These reasons bring about contracting incomplete of three differet level in the course of hightechs transfer. After analyzing the private benefit and screening power of 3 different kinds of financing channel-market,intermediate and internal financing, this paper compare their support for the high-tech transfer.Based upon this, the paper interprets the mechanisms of investment incentive for several typical approaches of high-tech transfer: spin-off,credit guarantee institutions,UNISPAR(University Industry Science Partnership).Finally,founded on the former analysis,the paper gives some pieces of advice for the chooing of the financial channels in the high-tech transfer.