Convertible Securities and Venture Capital Finance
Convertible Securities and Venture Capital Finance
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DOI：
10.1111/1540-6261.00561
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发表时间：
2001-06
期刊：
影响因子：
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通讯作者：
Klaus M. Schmidt
中科院分区：
文献类型：
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作者：
Klaus M. Schmidt
本文对可转换证券在风险投资融资中的普遍使用提供了新的解释。可转换证券可用于根据项目已实现质量来内生分配现金流权。这一性质可以用来缓解企业家和风险投资家之间的双重道德风险问题。结果表明，经过优化设计的可转换证券的表现优于任何债务和股权的组合，并且可以促使双方有效投资。其结果对于重新谈判以及投资和信息流时机的变化是稳健的。
This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double moral hazard problem between the entrepreneur and the venture capitalist. It is shown that an optimally designed convertible security outperforms any mixture of debt and equity and that it can induce both parties to invest efficiently. The result is robust to renegotiation and to changes in the timing of investments and information flows.