高技术风险投资中的投资保护机制

On the Investment Protection Mechanism in Venture Capital

本文简要论述了风险投资近年总结出的一些规避风险保护投资者利益的策略和方法 ,形成了一套有效的投资保护机制 ,也就是复合投资工具的使用 ,选择介入管理的方式及退出机制的设计。

This paper lists, expounds and analyzes main measures that venture capitalists adopt to protect their venture investments. The measures include the use of composite investment instruments, management involvement and the design of exit strategy. The most commonly used tools of composite investments are convertible preferred stocks and warrants. Venture capitalists also participate in corporate governance of start-up ventures. They either present themselves on the board of directors or require contractual veto rights on making major corporate decisions. Finally, venture capitalists concoct several forms of quit strategies such as put option, restrictions on both buying and selling shares in private sales and public offerings. As soon as the financial situation is critically perilous to their presence, it is necessary for them to timely slip out of the banking predicament.