可转换金融工具在风险投资行业应用的研究

Research on the Application of Convertible Securities in the Venture Capital Industry

建立风险投资家与企业家之间的收益分配模型,收益函数的自变量包括外界环境参数以及双方的努力程度,同时设计一可转换证券,证明可转换证券能促使风险投资双方有效投资,为实证中可转换金融工具在风险投资行业中的广泛应用提供理论依据。

Convertible securities can be designed to endogenously allocate cash flow rights between venture capitalists and entrepreneurs.This paper offered an explanation for the use of convertible securities in the venture capital financing by designing a convertible contract which induces both parties to work efficiently for the venture capital project.