基于干预决策的风险投资契约模型

Decision-Making Intervention Based Venture Capital Contract Model

对风险投资家干预风险项目的条件和相应最优契约的选择,利用企业资本结构理论分债券、普通股、可转换优先股三种形式做了研究,建立了三时点契约模型.结果表明,风险投资家参与项目决策的程度与其参与成本和企业家控制权益的损失有关,而契约的形式会对干预决策产生重要影响.并得出可转换优先股是最优的风险投资契约形式的结论.

With regard to the condition in which venture capitalist interferes with risk project and the choice of a corresponding optimal contract, three contract forms including bond, common stock and convertible preference stock are studied on the basis of enterprise capital structure theory. A contract model at 3 moment series is then built. Resuks show that the participation of the risk capitalist in the decision-making of the project is close related to the participation cost and the loss of entrepreneur＇s controling rights and interests. But the contract form has a siginificant influence on the intervention of decision-making. It is concluded that convertible preference stock is a superior venture capital contract form.