Distributing Start‐Up Equity: A Theoretical Foundation for an Emerging Practice
用代理理论模型化风险投资中的股权分配，考虑企业家努力、风投顾问监督和投资金额三个价值创造因素，推导出最优所有权分享的闭式解，为按相对贡献分配股权提供理论支持。
We use agency theory to model equity division in venture capital financing with three complementary value-creation factors—the entrepreneur's effort, the venture capitalist's advising/monitoring service, and the investment amount. While considering that investors often base their funding decisions on gut feeling, even as they employ rational decision-making processes, we derive closed-form expressions for optimal ownership sharing. Our findings provide theoretical explanation to support the recent call for practitioners to allocate ownership equity based on the relative potential contributions of the entrepreneur and the venture capitalist to generate value for the new investment prospect.