Analysis on the Optimization of Control Rights Disposition in Different Financing Contracts
In the field of venture capital,the problem of the contingent allocation of control rights between entrepreneurs and venture capitalists is in the stage of start.By introducing a continuous variable of control right,the different financing contracts and the cost function to the model of Tirole.this paper extends and rebuilds the model of the venture capital backed companies,analyzing main factor which influenced control power under the difierent financing tools.The conclusion is：The entrepreneur’s participation and inspiration restriction terms are difierent from the venture capitalist’s.the main factor of control power change is the responsibility of entrepreneurs, report mechanism and individual benefit.The combination of convertible securities and the contingent control could optimize the control right.
Financing contract control right entrepreneurs(EN) venture capitalists(VC)
Wang lan Long yong
国际会议
The International Conference Information Computing and Automation(2007国际信息计算与自动化会议)
成都
英文
1072-1076
2007-12-19（万方平台首次上网日期，不代表论文的发表时间）