《【大学课件】风险投资合约的安排及其治理机制.ppt》由会员分享，可在线阅读，更多相关《【大学课件】风险投资合约的安排及其治理机制.ppt（17页珍藏版）》请在三一文库上搜索。
1、1,风险投资合约的安排及其治理机制,http:/ Venture Capital was a kind of new thing that emerged in the 2nd half of the 20th century. But It has made many tiny high-tech start-up companies become one of the biggest giants in their corresponding industries. Were extremely familiar with some of those companies, such as,
2、http:/ Recent Statistics,http:/ Recent Statistics,http:/ is the so-called Venture Capital? A Brief History about VC Some Basic Concepts Participants: Investors, VCs, Entrepreneurs Organizational Structure: VC Funds, Limited Partnership, Life Cycle, Compensation of VCs Venture Capital Cycle: Its Proc
3、ess (Fundraising & Investing),http:/ capital can be viewed as a cycle that starts with the raising of a venture fund; proceeds through the invest in, monitoring of, and adding value to firms; continues as the venture capitalist exits successful deals and returns capital to their investors; and renew
4、s itself with the venture capitalist raising additional funds.,Principal,Agent/Principal,Agent,http:/ 投资者与风险投资家之间的信息不对称 合约签订前的非对称信息 合约签订后的非对称信息 风险投资家和创业企业家之间的信息不对称 机会主义行为 风险投资家存在的机会主义行为 创业企业家存在的机会主义行为 未来事件的或然性与缔约方的有限理性：不完全合约,http:/ 风险投资家对投资信息和经营业绩的披露和报告 投资者的关键权限 承诺与限制性条款 承诺与报酬条款 融资协议的安排 创业企业家对项目的进展和
5、公司经营业绩的汇报 分阶段融资和融资选择权 可转换优先股（Convertible preferred stock）的合约安排 控制权的分配,http:/ 有限合伙协议中的激励机制 融资协议中的激励机制 控制与约束机制 有些合伙协议的约束机制 融资协议的约束机制 其他治理机制的体现,http:/ On Training Program,Some Problems that I have encountered How to qualified materials? How to use a database? (EBSCO,Science Direct) Further Exploration:
6、 Theoretical and Empirical Cases ：Harvard Business School （Inside Venture Capital） Professional Literature：Harvard Business Review, Sloan Management Review, Economist How to learn Management,Economics and Finance? Textbooks, Internet Resources, Using Software to solve practical problems,http:/ for t
7、he next Generation,“博学，审问，慎思，明辨” 中庸 “学问之道无穷，而总以有恒为主” 曾国藩 “谦虚 执著 勇气” 微软副总裁李开复 “学问是融会贯通，是内在的欣喜与乐趣，是悟！” 曾勇 院长,http:/ Quotation,E.F. Schumacher 1973 Small is Beautiful What can we actually do to make things better? The answer to this question is as simple as it is disconcerting We can, each of us, work to put our inner house in order and the guidance we need for this work cannot be found in science or technology, but it can still be found in the traditional wisdom of mankind.,http:/ you!,