基于创投双方潜在努力的最优融资契约研究

发布时间：2018-01-01 08:45

本文关键词：基于创投双方潜在努力的最优融资契约研究　出处：《系统工程理论与实践》2013年03期 　论文类型：期刊论文

【摘要】：创业企业普遍存在着资金短缺的问题,创业投资则有效解决了创业企业的融资困难.一旦投资者进入到创业活动中,项目要想成功就需要企业家和投资者付出一定的努力.此时投资者需要最优的融资契约,以此激励企业家付出高水平的努力,使自己的利润最大化.本文在努力水平事先隐藏且无法核实的前提下,通过建立一个两阶段的融资模型,得到了两份优化的融资契约.论文进一步表明,企业家努力的边际成本与投资预期净现值的相对大小是进行融资契约选择的关键影响因素,即当投资预期净现值相对于努力成本较小时,不存在可行的契约;当投资预期净现值相对于努力成本较大时,最优融资契约将以两种形式出现:不论第一期的利润额多少,第二阶段再融资概率都接近于1的(FC1)和根据第一期的利润额确定第二阶段再融资概率的(FC2).由于双边道德风险的存在,无论投资者选择何种融资契约,都不会在投资的第二阶段与企业家共同努力.
[Abstract]:There is a general problem of capital shortage in start-up enterprises, and venture capital can effectively solve the financing difficulties of entrepreneurial enterprises. Once investors enter into entrepreneurial activities. If the project wants to succeed, it needs entrepreneur and investor to pay a certain amount of effort. At this time, investors need the best financing contract, in order to encourage the entrepreneur to pay a high level of effort. In order to maximize their profits, this paper establishes a two-stage financing model and obtains two optimized financing contracts under the premise that the level of effort is hidden in advance and can not be verified. The relative size of the marginal cost of entrepreneur's effort and the expected net present value of investment is the key factor influencing the choice of financing contract, that is, when the expected net present value of investment is small relative to the cost of effort, there is no feasible contract; When the expected net present value of investment is higher than the cost of effort, the optimal financing contract will appear in two forms: no matter what the profit amount of the first period. The second stage refinancing probability is close to 1 (FC1) and the second stage refinancing probability is determined according to the profit amount of the first phase, because of the existence of bilateral moral hazard. No matter what kind of financing contract investors choose, they will not work with entrepreneurs in the second stage of investment.
【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家自然科学基金(71102063) 中央高校基本科研“研究生科技创新基金”(CDJXS11021118)
【分类号】：F832.48;F272;F224
【正文快照】： 1引言作为创业企业价值创造和成长的基础，创业企业中存在着两种重要资源:创业企业家和创业投资者，二者的努力对于创业能否成功均起到了关键的作用.在信息不完全的情况下，，创业企业家和创业投资者都付出不可观察的努力来提高企业的效率，而努力的不对种比和对剩余索取权的安

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