| The paper is based on the theory of"entrepreneur's firm". Financing is the most important part of the"entrepreneur's firm"theory. Being different from financing by firm and financing by manager, financing by entrepreneur is based on the theory of entrepreneur. Starting logically from the theory of entrepreneur, reviewing the previous financing theories, making entrepreneur and entrepreneur's financing negotiating as the way out, this paper builds a theory frame of entrepreneur's financing.By reviewing the past theories, I found the classical theories lay stress on the homogeneity factors and importance of material capital, and ignore the contribution by the entrepreneur human capital. So the past theories lay stress on that uncertain undertake of material capital, and did not study that entrepreneur human capital should also undertake the uncertainty. The theory of"financing by firm", which is based on classical theory, ignores the existence of entrepreneur. It mainly studies how financing influences the value of firm. The modern agency theory recognizes the characters of human capital, for example, human capital's impartibility; the financing by manager theory s based on the agency theory holds the point that prompting and supervision can solve the agency problem caused by the different benefit aim between the manager and the boss. In fact, in entrepreneur'firm, agency problem is not important, and it cannot reflect the core of financing by entrepreneur. Modern corporation is a special agreement including the human capital and impersonal capital. Both human capital and impersonal capital are indispensable to the firm. Negotiation should be used to solve the problem of sharing the benefit.We absorb some past economic theories, and holds that the aim of negotiation is to organize rent, which come from the human capital and material capital resisting the uncertain. So they both share it.The capital of capitalist takes on the uncertainty from the market, and the lock-in in the firm (if there are mortgages the uncertainty can be reduced). Capital is the authority of the capitalist negotiation. The entrepreneur's negotiation authority comes from the entrepreneur'special human capital. The Australia economist gave a full discussion on it. |
