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research on the allocation of cash flow rights and control rights in venture capital financing contract研究现金流权利的分配和控制风险资本融资合同中权利.pdf

research on the allocation of cash flow rights and control rights in venture capital financing contract研究现金流权利的分配和控制风险资本融资合同中权利.pdf

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research on the allocation of cash flow rights and control rights in venture capital financing contract研究现金流权利的分配和控制风险资本融资合同中权利

Modern Economy, 2012, 3, 54-60 /10.4236/me.2012.31008 Published Online January 2012 (http://www.SciRP.org/journal/me) Research on the Allocation of Cash Flow Rights and * Control Rights in Venture Capital Financing Contract Yunfei Li1,2, Zongfang Zhou1 1School of Management and Economics, University of Electronic Science and Technology of China, Chengdu, China 2School of Mathematics and Information, China West Normal University, Nanchong, China Email: liyunfei80@126.com, Zhouzf@ Received October 19, 2011; revised November 28, 2011; accepted December 27, 2011 ABSTRACT In view of the allocation of cash flow rights and control rights in venture capital firms, a financing contract model is set up by introducing the entrepreneur’s self-owned capital in this paper. This paper analyzes the affecting factors and mechanism to the allocation of cash flow rights and control rights, shows the relationship between cash flow rights and control rights, gives the bargain intervals of the entrepreneur and the venture capitalist about the allocation of cash flow rights and control rights. It is shown that the more the entrepreneur’s self-owned capital and the higher the venture capitalist’s evaluation of the venture project and the ability of the entrepreneur, the fewer cash flow rights and control rights the venture capitalist will want; the relationship between cash flow rights and control rights of the venture capi- talist is complementary but not corresponding, so the result provides a theoretical explanation for Kaplan and Strom- berg’s empirical researches about the disproportion betwee

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