本文選題：風(fēng)險(xiǎn)投資 + 契約條款��； 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：本論文系統(tǒng)的分析了美國(guó)風(fēng)險(xiǎn)投資中常用的投資條款書。從企業(yè)價(jià)值分割功能和控制權(quán)分割功能的角度,分別論述了在風(fēng)險(xiǎn)投資中最常用的優(yōu)先股的作用機(jī)制。在企業(yè)價(jià)值分割功能的分析中,重點(diǎn)討論了優(yōu)先清算權(quán)、優(yōu)先股利、轉(zhuǎn)換權(quán)和反稀釋條款的單獨(dú)作用和共同作用。利用實(shí)物期權(quán)模型比較分析了參與型與非參與型優(yōu)先股,并對(duì)一些條款對(duì)于參與型優(yōu)先股的特殊影響進(jìn)行了論述。在控制權(quán)分割功能的分析中,本文論述了一個(gè)通過事前預(yù)防和事后救濟(jì)的結(jié)合組成的權(quán)利保護(hù)體系。通過對(duì)于具體的一個(gè)案例的分析,給出了一體系在規(guī)避道德風(fēng)險(xiǎn)爆發(fā)時(shí)的具體作用機(jī)制。之后,本文就中國(guó)目前的風(fēng)險(xiǎn)投資融資實(shí)踐的現(xiàn)狀進(jìn)行了分析,選取了一份國(guó)內(nèi)常用的《投資條款書》的關(guān)鍵條款進(jìn)行分析,說明其中存在的問題。最后,通過對(duì)于多個(gè)國(guó)家和地區(qū),特別是臺(tái)灣,優(yōu)先股立法思路的分析,為我國(guó)的優(yōu)先股立法提供了比較具體的立法建議。
[Abstract]:This paper systematically analyzes the common investment terms in American venture capital.In this paper, the mechanism of preferred stock, which is the most commonly used in venture capital, is discussed from the point of view of the segmentation function of enterprise value and the function of division of control right.In the analysis of the function of enterprise value division, the paper mainly discusses the separate role and joint action of preferential liquidation right, preferential dividend, conversion right and anti-dilution clause.In this paper, the real option model is used to compare and analyze the participating preferred stock and the non-participating preferred stock, and the special influence of some clauses on the participating preferred stock is discussed.In the analysis of the function of division of control rights, this paper discusses a system of protection of rights through the combination of pre-prevention and ex post relief.Through the analysis of a specific case, the mechanism of a system in avoiding the outbreak of moral hazard is given.After that, this paper analyzes the current situation of venture capital financing in China, selects the key clauses of "Investment Clause", and explains the existing problems.Finally, through the analysis of the legislative thinking of preferred stock in many countries and regions, especially in Taiwan, some specific legislative suggestions are provided for the legislation of preferred stock in China.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

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本文編號(hào)：1745265