可转换优先股与风险投资的有效退出

Optimal exit of venture capital with convertible preferred equity

风险资本的退出是风险投资得以循环的关键.然而风险资本家与风险企业家之间存在潜在的利益冲突可能导致没有效率的退出.文章研究表明,在使用可转换证券(如可转换优先股)的情况下通过转换时机的选择和控制权的合理分配能够实现事先达成的最优退出策略,这就为可转换优先股在风险投资中的广泛应用提供了理论上的解释.文章还对控制权的分配方式与途径进行了讨论,希望为我国风险投资实际提供理论参考.

It is widely recognized that exit is always crucial to allow venture capitalists to recycle their investments before a venture capitalist's decision to invest in an entrepreneurial firms.However, potential conflict of interest between venture capitalists and entrepreneurs may cause an inefficient exit. We show that with convertible preferred equity by allocating control rights and choosing a proper conversion option the ex_ante agreed optimal exit policy can be implemented. We also discuss the allocation and shift of control right in venture capital contracts .Our findings give an explanation for the prevalent use of convertible preferred in venture capital finance and practical implications for China's venture capital industry.