中文摘要：

当前各种类型的创业企业非常多，创业企业家是保有其企业控制权还是将控制权交于其他投资者，会受到外界环境和自身条件局限的影响。创业企业家和创业投资者会根据各自利益的不同，结合所处市场环境和自身能力，争夺企业的实际控制权。通过构建企业实际控制权争夺的基本理论模型，本文认为在不确定因素的影响下，创业企业家的风险偏好和创业投资者的投资偏好会影响到企业控制权的初始配置，而控制权的归属是由企业成长过程中绩效的高低程度决定的。

英文摘要：

There are many types of business enterprises in China. Whether the entrepreneurship would retain the company＇s control or return the control to other investors will be affected by the external environment and their limitations. Entrepreneurs and venture investors will choose different patterns according to their interests, and will fight for the actual control considering the market environment and their abilities. This paper builds a basic theoretical model of the control right contest. Under the influence of uncertain factors, the risk preference of entrepreneurs and the investment preference of venture investors will affect the initial configuration of the enterprise control. However, the final control right is determined by the degree of the growth performance of the company