Research On Corporate Governance Mechanism Of Technological Startups Based On Blockchain Technology

The level of corporate governance is an important factor for the healthy development of technological startups.Technology-based startups own business plan,technology accumulation or market resource in the early stages of development.Investment companies and supporting institutions own funds.The founding team cooperates with investors to meet financial needs and gain opportunities for growth.However,the interests of the companies' investment shareholders and the founding team are different.During the development of the company,there is always the problem of principal-agent between the company's owners and the actual operators.As an emerging technology,blockchain has important features such as decentralization and non-tampering.It is possible to solve problems that are difficult to deal with in traditional ways through the application such as consensus mechanisms and smart contracts.The purpose of this paper was to analyze and reveal the mechanism of blockchain technology applied to corporate governance,and to provide a new selection for the corporate governance mechanism of technology-based startups.Based on the research of corporate governance theory and blockchain technology,this paper analyzed the mechanism of blockchain technology acting on corporate governance,and then designed the architecture of the blockchain governance system based on the Hyperledger platform and applied it to company V,a typical technological startups.Through the case study of company V,this paper analyzed the process of combining the blockchain technology with the corporate governance mechanism,and the practical utility of the governance system to solve the principal-agent problem.The research in this paper found that the blockchain technology such as the Hyperledger is coupled to the corporate governance of technology startups.The corporate governance mechanism based on blockchain has weakened the influence of information asymmetry and suppressed the possibility of moral hazard.Since the interests of owners can be secured through a blockchain-based governance mechanism,the problem of adverse selection faced by potential investors can be resolved partly.