Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research
综述了风险投资契约的理论与实证研究，指出证券选择如何影响逆向选择、激励和创业成果，并揭示理论与实践的差异，为未来研究提供方向。
This article provides a comprehensive theoretical and empirical literature review of venture capital contracts. This outlines the differences between theoretical and practical uses of contract designs; that is, (1) how does the choice of securities give rise to different adverse selection problems in terms of attracting different types of entrepreneurial companies; how does the choice of securities in conjunction with cash flow and control rights provisions affect (2) the effort levels by the entrepreneur and the investor; and (3) ultimately affect entrepreneurial outcomes. This article highlights the major discrepancies between theory and practice and points out potential avenues for further research.