风险规避、双边道德风险与风险投资的融资结构

考察了双边道德风险情况下创业者风险规避的风险投资模型.首先应用变分法求得最优融资结构具有非线性形式.其次,给定三段线性融资结构,应用数值方法求解模型,发现三段线性融资结构大多数呈现出可转换证券的特征.进一步的分析表明,限定融资工具为可转换优先股所导致的创业者的效用损失较小.从而验证了风险投资中广泛采用可转换优先股的合理性.

Capital structure of venture capital finance under double moral hazard and risk aversion of entrepreneur

This paper analyzes a venture capital financing model under the double moral hazard problem, in which the entrepreneur is risk-averse.Using the variational method,we find that second-best financial structure is nonlinear.Then we use the numerical method to solve the problem where restricting the financing structures.It comes out that the optimal three-section linearity structures mostly show the characteristic of the convertible securities.The results also show that the loss of utility of entrepreneur cause...