风险投资中基于不同退出方式的可转换证券应用研究

The Application Research on Convertible Securities Based on Different Quit Channels

风险投资具有巨大的不确定性和风险性,风险投资主体对投资金融工具和退出方式的选择直接影响投资成败。为了分析风险投资中退出方式和金融工具选择问题,本文基于不同退出方式对参加分配可转换证券构建了混合实物期权模型,利用该模型比较研究了一般可转换证券和参加分配可转换证券,证明了参加分配可转换证券的使用将使风险投资主体在首次公开上市和收购两种退出方式中更倾向于后者的结论,并得出了参加分配可转换证券给风险投资主体带来的风险收益。

According to key property of preferred convertible equity, the article analyzes financial tools and different quit channels of veuture capital, since the venture firms have large uncertainty. The article builds the mix real option model of participation in preferred convertible equity, and makes use of the model to compare the participation in preferred convertible equity with standard preferred convertible equity. It draws the conclusion that venture capitals will be more interested in acquisition than IPO, and the participation in preferred convertible equity will bring earnings to the venture investment.