风险投资中金融工具选择的边界条件与应用策略  

The Boundary Condition and Application Tactics on the Financial Tool Selection of Risk Investment

作　　者：晏文隽[1,2] 郭菊娥[2] 

机构地区：[1]长安大学经济与管理学院,陕西西安710064 [2]西安交通大学管理学院,陕西西安710049

出　　处：《当代经济科学》2015年第3期47-54,125-126,共8页Modern Economic Science

基　　金：国家自然科学基金(批准号:71403031)

摘　　要：基于可转换证券和估值调整协议的期权特性,从被投项目价值的角度,证明了风险投资可转换证券和估值调整协议应用选择的边界条件。结果表明:当所投项目的价值较小时,可转换证券带给风险投资机构的价值超过估值调整协议,特别是参加分配可转换证券的优势逐步显现;随着风险项目价值增高,估值调整协议优势凸显。最后结合纯债权、纯股权两种基本的投资形式,给出了基于项目价值曲线的金融工具应用策略。From the perspective of the value of invested projects,this paper proves the boundary condition selected by the convertible securities of risk investment and the application of valuation adjustment agreement.Results show that: when the value of the invested projects is relatively small,the value brought by convertible securities to risk investment institutions exceeds valuation adjustment agreement,especially the advantages to take part in allocating convertible securities emerge gradually; with the rise of the value of venture projects,the advantages of valuation adjustment agreement appear. Finally,this paper gives the application tactics of financial tools based on project value curve in connection with the two basic investment forms: pure claim and pure equity.

关 键 词：估值调整协议 可转换证券 风险投资 选择边界条件 应用策略 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]