摘要
可转换证券在风险投资中发挥着多种作用。本文论证了它在解决道德风险方面的功能。首先设置了在不存在道德风险时的模型;然后,用模型推导出在信息不对称情况下的最优合约的特点;阐述了风险投资中使用可转换证券的原因并且给出了简单的建议。
Convertible securities play several roles in venture investment. This paper explains its function in solving moral risk problem. First, a model without moral risk is set up. Then with the model the author deduces the characteristics of the optimal contract under the condition of asymmetric information. And last he expounds reasons for the use of convertible securities in venture investment and puts forward a simple proposal.
出处
《经济经纬》
CSSCI
北大核心
2006年第2期150-153,共4页
Economic Survey
关键词
风险投资
道德风险
可转换证券
venture capital
moral risk
convertible securities
