Research On The Shareholding Ratio And Cooperation Mechanism Of Shareholders In High-Technology Enterprises

High-technology enterprises(this article refers to the high-technology enterprises in start-up period)have been highly concerned by researchers in recent years because they are new and important force which can promote economic development and scientific and technological innovation of our country.This kind of enterprise is mainly composed of two kinds of shareholders which are technology shareholders represented by technology R&D and investors represented by venture capital institutions.The effective joint operation of both shareholders makes the enterprise develop rapidly.However,there is still a lack of research on the design of shareholding ratio and formation of effective cooperation mechanism among in high-technology enterprises.The research about the proportion of shareholders' ratio nowadays most focus on the mature listed companiesand mainly exploring the impact of equity ratio on the development of listed companies under different ownership structures.Due to the complexity of the types of shareholders and the ownership structure in mature listed companies,the researches on the proportion of shareholders' equity and cooperation mechanism are relatively loose.This research first analyzed the research objects of cooperation mechanism and found that the research objects of the academia on cooperation mechanism have focused on shareholders.Then,a further discussion of the principle about the change of shareholders' equity ratio was conducted and it was found that the influence of the more complex equity ratio of listed companies on the cooperation mechanism can be attributed to different ownership structures.However,the influence of the proportion of shareholders' equity on the cooperation mechanism of high-technology enterprises is quite different from that of mature listed companies.The existing equity incentive theories and corporate governance theories are difficult to explain the effect of equity proportion on cooperation mechanism of high-technology enterprises well.The change of equity proportion leads to the change of shareholders' rights which provides the possibility of directional cooperation and adjustable cooperation for shareholders.Under such effective cooperation,shareholders have a new understanding of risk sharing and win-win benefits.As a result,the cooperation mechanism is formed.Therefore,combined on the realistic development of high-technology enterprises,it is very necessary to introduce the perspective of time-sharing contingency to explore the impact of the proportion of shareholders' equity on the cooperation mechanism.In order to further explore the characteristics of time-sharing contingency based on the research norms of grounded theory,this paper studies the typical high-technology enterprises and venture capital institutions in Chongqing Liangjiang New Area?Based on 55 original data of 6 sample enterprises about the business situation of "control right and income right switching?directional cooperation,adjustable cooperation",the rooting coding is carried.According to the three-level coding logic,the features of time-sharing weight variant are extracted:the boundary of the change of control right and income right(contingency);the frequency of change of control right and income right(contingency);the accuracy of change of control right and income right(contingency);the amplitude of change of control right and income right(contingency).The items for measuring initial time-sharing contingency scale is obtained by further analyzing the reasons for the emergence of features and sort out the logic of feature extraction.Finally,By carrying out the inspection,pre-investigation,reliability and validity analysis of items,the scale to measure time-sharing contingency was developed.Next,this paper proves the mediating effect of time-sharing contingency between equity ratio and cooperation mechanism.First of all,the logical relationship among equity ratio,time-sharing contingency and cooperation mechanism were sorted out according to the literature analysis.Time-sharing contingency leads to the change of the equity situation of technology shareholders(investor shareholders)which brings innovative incentives to shareholders and stimulates them to realize directional cooperation(adjustable cooperation).In the cooperation,shareholders have a new understanding of risk sharing and win-win benefits.The effective cooperation between the two sides optimizes the decision-making efficiency and forms a cooperation mechanism.Then,13 hypotheses are put forward and the conceptual model to be verified in this part is constructed.Next,the research,questionnaire survey and data collection of nearly 100 high-technology enterprises in Chengdu Chongqing innovation region are carried out and the reliability and validity of questionnaires are tested by using a variety of mathematical statistical tools.Multiple regression analysis is used to explore the relationship between two of the time-sharing contingency,equity ratio and cooperation mechanism and the mediating effect is verified step by step according to the hypothesis of conceptual model.Finally,the mediating effect of time-sharing contingency between equity ratio and cooperation mechanism is verified by fitting the conceptual model which is obtained by using the structural equation model.The contingency frequency exerts a completely mediating effect between the shareholder's equity ratio and the cooperation mechanism contingency accuracy and contingency amplitude play a part of the intermediary role between shareholder equity ratio and cooperation mechanism which reveals the operation mechanism of time-sharing contingency in the equity ratio and cooperation mechanism.In accordance with the scientific research logic of "theory?practice?theory".This study returns to the theoretical level again.Based on the analysis of "dichotomy?trisection" of enterprise organization theory,the "time-sharing contingency theory" is determined.Then,the paper compares the situations of different shareholding cooperation(static "unitary control" structure and static "dual check and balance" structure).It can be concluded that "time-sharing contingency theory" will be used as a theory which can guide dynamic shareholding cooperation of shareholders.Finally,this paper analyzes the root differences of "time-sharing contingency theory" from the aspects of "suitable for"time",taking" change "and" combining with "Tao" by using the thinking mode of management philosophy.This study explores the impact of shareholder equity ratio on the cooperation mechanism of high-technology enterprises from the perspective of time-sharing contingency which fills up the research gap in the field of high-technology enterprises governance.The intorduction of time-sharing contingency theory complements the theory of corporate governance,contingency theory and separation of two rights.At the same time,the dynamic shareholding cooperation of shareholders with time-sharing contingency design provides theoretical and practical guidance for the rapid development of high-technology enterprises.