创业企业融资中的控制权旁落问题研究

发布时间：2018-05-28 08:42

本文选题：创业企业 + 风险投资者　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：随着科技的快速发展和国家提供的良好的创业环境,我国创业企业的数量和质量都实现了较大的突破。然而,在如火如荼的创业大潮背后,是创业企业融资中面临的极大的控制权旁落风险。典型的代表有:俏江南、去哪儿、雷士照明等优秀的民族创业企业。本文通过对出现控制权旁落问题的创业企业在出让股份比例、引入风险投资者数量和投资者持股比例离散程度三个维度的分析,分析2007年以来我国出现控制权旁落风险的10家创业企业,并选取了10家创业企业进行了同样维度的分析。研究初步发现,企业出让股份比例,引入投资者的数量、投资者持股比例离散程度可能影响着创业企业控制权产生的风险。本文的第四部分和第五部分各选取了两个典型例子进行控制权旁落问题的深入分析。第四部分选择了典型案例雷士照明和俏江南作为研究对象,通过案例描述分析创始人融资中控制权安排对创始人控制权旁落风险产生之间的内在关系,第五部分则选择著名电商京东商城和阿里巴巴深入分析它们规避控制权旁落风险的先进举措。最后,笔者建议创业企业在进行同样规模的融资时,可通过引入较多的风险投资机构、风险投资机构间持股比例离散程度更低来避免创始人控制权旁落。当企业进行多轮融资中,创始人也可以通过双层股权结构和特殊合伙人制度等控制权安排方法来规避控制权旁落风险的产生。此外,引入风险投资者时,“对赌协议”的内容需要进行严格的风险评估,尽量避免激进的企业业绩对赌行为。
[Abstract]:With the rapid development of science and technology and the good entrepreneurial environment provided by our country, the quantity and quality of the entrepreneurial enterprises in our country have achieved a great breakthrough. However, behind the surging tide of entrepreneurship, it is a great risk of control over the financing of entrepreneurial enterprises. Typical representatives are: South Beauty, where to go, Leslie lighting and other excellent ethnic entrepreneurial enterprises. In this paper, the author analyzes the three dimensions of the number of venture capital and the discrete degree of the proportion of shares held by the venture capital. This paper analyzes the 10 enterprises with the risk of the side of control right in China since 2007, and selects 10 enterprises to carry out the same dimension analysis. It is found that the proportion of shares sold, the number of investors introduced, the degree of dispersion of the proportion of investors holding shares may affect the risk of the control right of the start-up enterprise. In the fourth part and the fifth part, two typical examples are selected to analyze the control side problem. In the fourth part, the author chooses the typical cases of Leslie Lighting and South Beauty as the research object, and analyzes the inherent relationship between the arrangement of the control rights and the risk of the founder's control right in the financing of the founder through the case description. In the fifth part, we choose the famous e-commerce JingDong Mall and Alibaba to analyze their advanced measures to avoid the risk of control. Finally, the author suggests that in the same scale of financing, the venture capital firms can avoid the side of the founder control by introducing more venture capital institutions, and the discrete degree of the shareholding ratio among venture capital institutions is lower. When the enterprise carries on the multi-round financing, the founder can also avoid the risk of the side of the control by means of the double ownership structure and the special partner system. In addition, when introducing venture capital, the content of the "gambling agreement" needs to carry out strict risk assessment, and avoid aggressive enterprise performance gambling as far as possible.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F279.2;F832.4;F275

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