创业投资基金薪酬条款的结构化研究——来自美国的经验与启示

Research on Venture Capital Funds Compensation Agreement——From the Experience of American Venture Capital Funds

文章在总结美国创业投资基金的合伙协议中薪酬条款的基础上,将创业投资基金的薪酬条款结构化为三个方面,重点突出了收益分配方式的多样性和重要性。在总结美国创业投资基金薪酬条款的基础上,将创业投资基金的薪酬归结为包含看涨期权的线性薪酬合约。最后为我国即将开始的有限合伙制下创业投资基金创业投资家的薪酬设计提供相应的建议。

We analyze the American VC funds＇ compensation agreement, and we think except the management fee and carry , there is the third key component of the compensation--the distribution method of the profit and we conclude the two important factors--credit risk and moral hazard risk which can effect the distribution method of the funds profit . Then we restructure the VC funds compensation as a linear compensation contract including a call option . Finally , we give some advice for Chinese VC funds＇ compensation design.