Abstract:
By analyzing the three stages of the evolution of the entrepreneur's role, this paper discusses how entrepreneurs, by following the logic of specialization within the enterprise and transaction cost reduction, gradually evolve into leaders of innovation and agents for coping with uncertainty nowadays. By integrating academic theories and analyzing practical cases, this paper argues that entrepreneurial economics follows the logic of market specialization and efficiency improvement, thereby extending and supplementing current mainstream economics. The main logical inferences of this paper are as follows. (1) The design of a corporate governance system is an institutional arrangement that enables entrepreneurs to share risks and cope with uncertainty with the help of external investors, thereby further reducing transaction costs. This enables entrepreneurs to better persuade shareholders to participate in investments and share risks with them. (2) The capital market, through the market-driven screening mechanisms of IPOs and M & As, provides standardized production processes for cultivating entrepreneurs. Encouraging innovation among enterprises should become a direction for the future deepening reform and development of the capital market.
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