契约理论对分阶段风险投资项目价值评估的影响

论文摘要

这篇论文建立在风险投资契约理论和实物期权价值评估理论的结合点上,以前人的研究为基础,设计了一个将风险投资契约理论与实物期权价值评估理论相结合的理论框架,基于这个框架,举了一个例子进行形象说明。首先,本文回顾了风险投资契约理论和实物期权理论相关的研究成果。其次,介绍了风险投资的特征以及风险投资商与创业企业之间的信息不对称问题。第三,总结了风险投资契约理论中分阶段风险投资和可转换优先股的运用等减轻信息不对称问题的协议,重点阐述了分阶段投资中对被投企业经营指标的确定。之后,回顾了期权定价理论和实物期权理论。基于以上研究基础,设计了将风险投资契约理论与实物期权价值评估理论相结合的理论框架。风险投资中分阶段投资和可转换优先股的运用等协议使风险投资商获得了追加投资权、变现权、选举权等,这些权利实际上是一些扩张或收缩期权,这些期权的存在增加了投资项目的价值。最后举例子进行形象说明。分阶段风险投资契约设计的核心问题是被投企业的经营指标的确定。如果在第一阶段投资期内,被投企业的经营指标符合要求,风险投资商将继续第二阶段的投资,否则,风险投资商将取消第二阶段的投资。常见的经营指标有净利润、增长率、税后现金流量等,其核心是项目的税后现金流。在风险投资初期确定的被投企业在第一阶段末的经营目标是否合理,是分阶段风险投资契约设计成败的关键。本文的案例对此做了生动的解读。

论文目录

• 摘要
• Abstract
• 1. Introduction
• 2. Literature review
• 2.1 Literatures on contracting in venture capital
• 2.2 Literatures on options in venture capital
• 3. Venture capital
• 3.1 The history of venture capital
• 3.2 The implication of venture capital
• 3.3 The structure of venture capital firm
• 3.4 Characteristics of venture capital
• 3.5 The operating of venture capital
• 4. Problems in venture capital and contract design
• 4.1 Problems in venture capital
• 4.2 Contract design in venture capital
• 4.3 Staged investment
• 4.3.1 Introduction of staged investment
• 4.3.2 Agency and monitoring costs that affecting the staged investment
• 4.3.3 Qualification choosing in staged investment
• 4.4 The use of convertible preferred stock in venture capital investment
• 5. Valuation methods in venture capital
• 5.1 Net present value method
• 5.2 Option method
• 5.2.1 The meaning and types of option
• 5.2.2 The theory foundation of option pricing models
• 5.2.3 Binomial option pricing model
• 5.2.4 Black-Scholes option pricing model
• 5.2.5 Real option
• 6. The combined theoretical framework and case study
• 6.1 The combined theoretical framework
• 6.2 An example
• 6.2.1 Background information
• 6.2.2 The predicted cash flow of first round project and NPV analysis
• 6.2.3 Determining the volatility and establishing the cash flow event tree
• 6.2.4 The design of the staged investment contract in this case
• 7. Conclusions
• References
• 后记