Research On Hold-Up Problem Based On The National High And New-Tech Industrial Cluster

The high and new-tech industry of our country was started since the 80s of the 20th century. Until now, there are 56 National High and New-tech Industry Development Zones have been established in succession and 7 high and new-tech industry intensive zones were formed gradually. The high and new-tech industries of our country have developed a lot over the twenty years, which have achieved great success in the fields of industrialization, system innovation, transfer of achievements, optimizing the economic structure, revenue enhancement, offering jobs etc. Also it breed plenty private technology enterprises which contributed a lot for the development of national and local economy. Especially the second-undertaking promoted the development of the high and new-tech industries and the industrial structure regulation further.But at the same time, we still had to face some serious problems as without the ability of the technological innovation, the technological innovation main body is not clear enough, short investment for research, unreasonable industry structure, low added value, policy environment is not suit for the Industry etc. Form the present situation of the High and New-tech Industry Development Zone, it can been seen that in order to solve those problems, it must be the already existed or underlying hold-up problems of the investment should be solved at first.Based on the Hold-op theory, this paper analyzed the National High and New-Tech Industry Development Zone's current situation, two investors and their invest characteristic, and the role of government in the development of the zone at first. Then, considering different stages in the development of the industry cluster, it analyzed the risk of hold-up and the investment behavior of both government and enterprise by modeling. Finally, it put forward some suggestions on the hold-up problems of the High and New-Tech Industry Development Zone. Research shows that both government and enterprise have invested a lot in the development of the Zones, but they invest in different time and ways, so they both have different risk of been hold-up with the different levels of industrial cluster degrees. The risk of been hold-up of government would decrease as the zone's industrial cluster degree increase at the primary period of construction, while it's risk of been hold-up would turn into zero as the zone's industrial cluster degree reaches it's highest level. To be different, the enterprises'risk of been hold-up would increase at the primary period of construction, after the zone begin to take shape, the risk would go down while the zone's industrial cluster degree increase.In order to reduce the enterprise's risk of been hold-up and make the enterprises to invest more professional asset, government should try his best to improve the investment environment to promote the development of the High and New-Tech Industry Development Zone more faster with high quality.