相机控制与风险资本最优退出决策

风险投资是一种以"退出"为导向的股权投资,退出对风险投资的运作至关重要。风险企业中风险投资家和企业家存在利益冲突,因此很可能在初始的控制权状态下作出的退出决策是无效的。相机控制是风险投资合约中非常重要的制度安排,通过在适当情况下的控制权相机转移能够对初始退出决策进行修正,并进一步实现最优退出决策。

Contigent contral and optimal exit decisions about venture capital

Venture capital is an exit-oriented equity investment,and exit is essential to the operation of a VC.Because of the conflict of interest between venture capitalist and entrepreneur in a venture,the first-order exit decision is probably Inefficient under the initial distribution of control rignts.Contigent control is an important institutional arrangement in VC contracts,it can revise the initial exit decision by transferring control rights contigently under proper conditions,and then implement the optimal exit decision.