Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts
通过分析风险投资家与企业家之间的实际合同，比较了现实金融契约与金融契约理论的差异，描述了现金流权、董事会权、投票权等控制权的分配及其演变。
We compare the characteristics of real-world financial contracts to their counterparts in financial contracting theory. We do so by studying the actual contracts between venture capitalists (VCs) and entrepreneurs. The distinguishing characteristic of VC financings is that they allow VCs to separately allocate cash flow rights, board rights, voting rights, liquidation rights, and other control rights. We describe and measure these rights. We then interpret our results in relation to existing financial contracting theories. We also describe the interrelation and the evolution across financing rounds of the different rights. Copyright 2003, Wiley-Blackwell.