G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w7660
来源IDWorking Paper 7660
Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts
Steven N. Kaplan; Per Stromberg
发表日期2000-04-01
出版年2000
语种英语
摘要In this paper, we compare the characteristics of real world financial contracts to their counterparts in financial contracting theory. We do so by conducting a detailed study of actual contracts between venture capitalists (VCs) and entrepreneurs. We consider VCs to be the real world entities who most closely approximate the investors of theory. (1) The distinguishing characteristic of VC financings is that they allow VCs to separately allocate cash flow rights, voting rights, board rights, liquidation rights, and other control rights. We explicitly measure and report the allocation of these rights. (2) While convertible securities are used most frequently, VCs also implement a similar allocation of rights using combinations of multiple classes of common stock and straight preferred stock. (3) Cash flow rights, voting rights, control rights, and future financings are frequently contingent on observable measures of financial and non-financial performance. (4) If the company performs poorly, the VCs obtain full control. As company performance improves, the entrepreneur retains / obtains more control rights. If the company performs very well, the VCs retain their cash flow rights, but relinquish most of their control and liquidation rights. The entrepreneur's cash flow rights also increase with firm performance. (5) It is common for VCs to include non-compete and vesting provisions aimed at mitigating the potential hold-up problem between the entrepreneur and the investor. We interpret our results in relation to existing financial contracting theories. The contracts we observe are most consistent with the theoretical work of Aghion and Bolton (1992) and Dewatripont and Tirole (1994). They also are consistent with screening theories.
主题Financial Economics ; Financial Institutions ; Corporate Finance
URLhttps://www.nber.org/papers/w7660
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/565215
推荐引用方式
GB/T 7714
Steven N. Kaplan,Per Stromberg. Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts. 2000.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w7660.pdf(150KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Steven N. Kaplan]的文章
[Per Stromberg]的文章
百度学术
百度学术中相似的文章
[Steven N. Kaplan]的文章
[Per Stromberg]的文章
必应学术
必应学术中相似的文章
[Steven N. Kaplan]的文章
[Per Stromberg]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w7660.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。