创业投资优先股研究

Research on the Preference Shares of Venture Capitals

优先股是创业投资控制风险的有效手段,是创业投资的最佳投资工具。境外的法律制度允许创业投资大量使用优先股条款以保证自身利益。我国现行法律体系下,创业投资仅能通过条款设计实现优先股的部分权益。我国法律应该彻底贯彻意思自治的立法理念并修改具体规则以满足创业投资的需求。

Issuing preference shares is an efficient measure for venture capitals to control risks and it also is the best investment tool.In western countries,legislation permits VC to adopt clauses of preference shares to protect their own interests.However,VC can only achieve certain parts of interest by preference shares under current framework of law in China.Freedom-of-contracts need to be fully implemented and some specific rules need to be amended to protect the interests of VC.