风险规避、双边道德风险与风险投资的融资结构  

Capital structure of venture capital finance under double moral hazard and risk aversion of entrepreneur

作　　者：郭文新[1] 苏云[1] 曾勇[1] 

机构地区：[1]电子科技大学经济与管理学院,成都610054

出　　处：《系统工程理论与实践》2010年第3期408-418,共11页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(70540022);教育部"新世纪优秀人才支持计划"(教技司[2005]2号);电子科技大学青年基金(JX03142)

摘　　要：考察了双边道德风险情况下创业者风险规避的风险投资模型.首先应用变分法求得最优融资结构具有非线性形式.其次,给定三段线性融资结构,应用数值方法求解模型,发现三段线性融资结构大多数呈现出可转换证券的特征.进一步的分析表明,限定融资工具为可转换优先股所导致的创业者的效用损失较小.从而验证了风险投资中广泛采用可转换优先股的合理性.This paper analyzes a venture capital financing model under the double moral hazard problem, in which the entrepreneur is risk-averse.Using the variational method,we find that second-best financial structure is nonlinear.Then we use the numerical method to solve the problem where restricting the financing structures.It comes out that the optimal three-section linearity structures mostly show the characteristic of the convertible securities.The results also show that the loss of utility of entrepreneur caused by using convertible preferred stocks is tiny.Sum up,this paper provides an explanation for the widespread use of convertible preferred stocks in venture capital financing.

关 键 词：风险投资 双边道德风险 可转换优先股 融资合约 

分 类 号：F830.59[经济管理—金融学]