可转换证券的性质及其在创业投资中的运用  

The Characteristic and the Use of Convertible Securities in Venture Capital

作　　者：邢军峰[1] 范从来[1] 

机构地区：[1]南京大学商学院,南京210093

出　　处：《中央财经大学学报》2014年第8期39-46,共8页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金重点项目"基于自主创新能力增进的产学研合作创新研究"(项目号10zd&020)

摘　　要：创业投资中,可转换证券的关键属性是依据不同的退出方式分配现金流:在出售的情况下不转换,VC持有优先工具,获得优先现金流,但在IPO情况下自动转换,双方都持有普通股。如果创业企业IPO,可转换优先股保持均衡的激励;如果选择出售创业企业,VC仅在此时获得优先现金流。相机控制权是重要的,它不但有助于扩大融资额,还有助于避免无效的退出。融资结构、控制权和退出选择三个问题紧密相关。The key characteristic of convertible securities is that it allocates different cash flow rights depending on whether exit occurs by acquisition or IPO： in case of an acquisition,VC own a preferred instrument,but in case of an IPO they simply own common stock. If the venture gets an IPO,convertible preferred stock can maintain a balanced incentive,if the venture gets an acquisition,VC receives preferential cash flow only at this case. Contingent control rights are also important for extengding the range of ventures that can be financed and achieving efficient exitdecisions. Financing structure,control rights and exit decisions are closely related.

关 键 词：创业投资 IPO 出售可转换证券 

分 类 号：F830.91[经济管理—金融学]