风险投资过程中优先股的作用机制及契约条款研究

发布时间：2018-04-13 16:21

本文选题：风险投资 + 契约条款　；参考：《复旦大学》2013年硕士论文

【摘要】：本论文系统的分析了美国风险投资中常用的投资条款书。从企业价值分割功能和控制权分割功能的角度,分别论述了在风险投资中最常用的优先股的作用机制。在企业价值分割功能的分析中,重点讨论了优先清算权、优先股利、转换权和反稀释条款的单独作用和共同作用。利用实物期权模型比较分析了参与型与非参与型优先股,并对一些条款对于参与型优先股的特殊影响进行了论述。在控制权分割功能的分析中,本文论述了一个通过事前预防和事后救济的结合组成的权利保护体系。通过对于具体的一个案例的分析,给出了一体系在规避道德风险爆发时的具体作用机制。之后,本文就中国目前的风险投资融资实践的现状进行了分析,选取了一份国内常用的《投资条款书》的关键条款进行分析,说明其中存在的问题。最后,通过对于多个国家和地区,特别是台湾,优先股立法思路的分析,为我国的优先股立法提供了比较具体的立法建议。
[Abstract]:This paper systematically analyzes the common investment terms in American venture capital.In this paper, the mechanism of preferred stock, which is the most commonly used in venture capital, is discussed from the point of view of the segmentation function of enterprise value and the function of division of control right.In the analysis of the function of enterprise value division, the paper mainly discusses the separate role and joint action of preferential liquidation right, preferential dividend, conversion right and anti-dilution clause.In this paper, the real option model is used to compare and analyze the participating preferred stock and the non-participating preferred stock, and the special influence of some clauses on the participating preferred stock is discussed.In the analysis of the function of division of control rights, this paper discusses a system of protection of rights through the combination of pre-prevention and ex post relief.Through the analysis of a specific case, the mechanism of a system in avoiding the outbreak of moral hazard is given.After that, this paper analyzes the current situation of venture capital financing in China, selects the key clauses of "Investment Clause", and explains the existing problems.Finally, through the analysis of the legislative thinking of preferred stock in many countries and regions, especially in Taiwan, some specific legislative suggestions are provided for the legislation of preferred stock in China.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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