参与型可转换优先股与最优风险投资退出决策.pdfVIP

第 19 卷第5 期 系统工程学报 Vol. 19 No.5 2刷年10 月 JOURNAL OF SY到EMS ENGINEERING Oct. 2α)4 参与型可转换优先股与最优风险投资退出决策① 李姚矿1 ，陈德棉2 (1.合肥工业大学管理学院，安徽合肥 23栅9; 2. 同济大学投资研究所，上海拟)()92) 摘要:通过建立退出控制权分配模型探讨了风险投资退出过程中参与泼可转换优先股的转换问题，指出风险 投资爱使用参与型可转换优先股总可以实现Pareω 最优退出选择;当事先协议的风险投资家转换后企止家在 退出收入流中的份额满足一定条件时，参与型可转换优先股转换成有投祟权股份Æ.元投祟权股份的决定因 素泛风险投资家参与企此剩余价值分配的比例和边际声誉所得以及企业家的私人校制利直在. 关键询:风险投资;退出;决策;参与型时转换优先股 中图分类号:陀30.59 文献标识明:A 文章编号: 1酬…5781(2∞4)05 叩例45 … 06 Participating preferred convertible equity and optimal exit decisions about venture capital LI Yao-kuang ，。迎!N De_mian2 (1. Management School of Hefei University of Technology , Hefei 23α脚， China; 2. Investment Institute of Tongji University , Shanghai 加阴2 ， China) Abs衍act: 如is paper explores the converting issue about participating preferred convertible equity by de- veloping a model of the allocation of the control 叫确切 in the proce自由 of the exit of venture capital. It shows 由at 明白 participating preferred convertible e甲ity the Pareto exit solution can always be achieved. When the ante崎agreed share of exit cash flow of the entrepreneur after converting meets certain condition , the determinants of P;创eto exit solution 白白.t the venture capitalists convert their p町ticipating preferred convertible equity into voting and nonvoting shares areωfollows: the share occupied by the venture capi- talists in the residue value of 由e investee company the mar♂nal reputation retum and the private control benefits . Key words: venture capital; exit; deci自ion; participating preferred convertible equity