股權持有與決策⾃主權的動態調整：美國AI新創公 司在融資擴張過程中的治理變化;Dynamic Adjustment of Ownership of Equity and Autonomy of Strategic Decision-Making: Governance Changes During Financing Expansion in U.S. AI Startups

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题名:	股權持有與決策⾃主權的動態調整：美國AI新創公司在融資擴張過程中的治理變化;Dynamic Adjustment of Ownership of Equity and Autonomy of Strategic Decision-Making: Governance Changes During Financing Expansion in U.S. AI Startups
作者:	蔣明翰;Chiang, Ming-Han
贡献者:	企業管理學系
关键词:	資源依賴理論;控制權讓渡;控制權異質性;股權持有;決策⾃主權;Resource dependence theory;Ownership of equity;Autonomy of strategic decision-making;Control rights transfer;Control rights heterogeneity
日期:	2025-07-17
上传时间:	2025-10-17 11:38:41 (UTC+8)
出版者:	國立中央大學
摘要:	新創企業在融資擴張過程中常⾯臨取得外部資源與保持控制權之間的兩難。資源依賴理論主張創辦⼈需讓渡控制權以換取關鍵資源，但該理論常將「控制權」視為單⼀整體概念，未能解答⼀個關鍵問題：隨著企業成長，不同形式的控制權如何以不同順序演化。本研究針對此⼀缺⼜，將控制權區分為財務控制（股權持有）與策略控制（決策⾃主權）兩個維度，以2014 年至 2024 年間成⽴於美國 445 家AI 領域新創公司為實證對象（共計1,333 筆融資事件），使⽤雙變量Probit模型進⾏驗證。研究顯⽰投資⾦額愈⾼，團隊成員股權持有的比例愈低，決策⾃主權愈低︔融資輪次愈多的情況下，團隊成員股權持有呈負向變化，決策⾃主權則呈正向變化。;Startups often face a fundamental trade-off between acquiring external resources and maintaining control during the financing and expansion process. According to resource dependence theory, founders must relinquish control in exchange for critical resources. However, the theory tends to treat "control" as a monolithic concept, leaving a key question unanswered: as startups grow, how do different forms of control evolve in distinct sequences? Addressing this gap, this study conceptualizes control along two dimensions—financial control (equity ownership) and strategic control (decision-making autonomy). Using a sample of 445 AI startups founded in the United States between 2014 and 2024, with a total of 1,865 financing events, we employ a bivariate probit model for empirical analysis. The results indicate that higher investment amounts are associated with lower equity ownership and reduced decision-making autonomy among team members. Furthermore, while an increasing number of funding rounds correlates negatively with equity ownership, it is positively associated with greater decision-making autonomy.
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