請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/45913完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 林修葳(Hsiou-Wei Lin) | |
| dc.contributor.author | Yun-Chiang Tai | en |
| dc.contributor.author | 戴允強 | zh_TW |
| dc.date.accessioned | 2021-06-15T04:48:43Z | - |
| dc.date.available | 2015-08-06 | |
| dc.date.copyright | 2010-08-06 | |
| dc.date.issued | 2010 | |
| dc.date.submitted | 2010-08-04 | |
| dc.identifier.citation | Aghion, P. and Bolton, P., 1992. An incomplete contract approach to financial contracting. Review of Economic Studies 59, 473-494.
Aghion, P., Dewatriport, M. and Rey, P., 1994. Renegotiation design with unverifiable information. Econometrica 6, 257-282. Amit R., Brander J., and Zott A., 1998. Why Do Venture Capital firms exit? Theory and Canadian Evidence. Journal of Business Venture 13, 441-466. Bascha A. and Walz U., 2001. Convertible securities and Optimal exit decisions in venture capital finance. Journal of Corporate Finance 7, 285-306. Bergemann, D. and Hege, U., 1998. Venture capital financing, moral hazard, and learning. Journal of Banking and Finance 22, 703-735. Bergloef, E., 1994. A control theory of venture capital finance. Journal of Law, Economics, and Organization 10, 247-267. Carter, M. and G.B. Manzon, Jr., 1995. Evidence on the role of taxes on financing choice: Consideration of mandatorily redeemable preferred stock. Journal of Financial Research 18, 103-114. Cornelli, F. and Yosha, O., 2003. Stage financing and the role of convertible securities. Review of Economic Studies 70, 1-32. Cumming, D. 2008. Contracts and exits in venture capital finance. Review of Financial Studies 21, 1947-1982. Denis, D. J. 2004. Entrepreneurial finance: an overview of the issues and evidence. Journal of Corporate Finance 10, 301-326. Garleanu, N. and Zwiebel, J., 2009. Design and renegotiation of debt covenants. The Review of Financial Studies 22, 749-781. Gilson, R.J. and Schizer, D.M., 2002. Understanding venture capital structure: A tax explanation for convertible preferred stock financing. Working paper, Columbia law school. Gompers, P. A., 1995. Ownership and control in entrepreneurial firms: An examination of convertible securities in venture capital investments. Working paper, Harvard University. Gompers, P. A., 1995. Optimal investment, monitoring, and the staging of venture capital. Journal of Finance 50, 1461-1489. Gompers, P. A., 1997. Ownership and control in entrepreneurial firms: An examination of convertible securities in venture capital investment. mimeo, Harvard Business School. Hart, O. D. and Moore, J., 1988. Incomplete contracts and renegotiation. Econometrica 56, 755-786. Hellmann, T., 1998. The allocation of control rights in venture capitalist contracts. RAND Journal of Economics, Vol. 29, No. 1(Spring), 57-76. Hellman, T., 2002. A theory of strategic venture investing. Journal of Financial Economics 64, 285-314. Hellmann, T. and Puri, M., 2000. The interaction between product market and financing strategy: The role of venture capitalist. Review of Financial Studies 13, 959-984. Hellmann, T. and Puri, M., 2002. Venture capital and the professionalization of start-up firms: Empirical evidence. Journal of Finance 57, 169-198. Houston, A.L. Jr. and Houston C. O., 1990. Financing with preferred stock. Financial Management 3, 42-54. Huckins, N. W. 1999. An examination of mandatorily convertible preferred stock. The Financial Review 34, 89-104. Kanniainen, V. and Keuschnigg, C., 2004. Start-up investment with scare venture capital support. Journal of Banking and Finance 2004, 1935-1959. Kaplan, S. N. and Stroemberg, P., 2003. Financial contracting theory meets the real world: An empirical analysis of venture capital contracts. Review of Economic Studies 70, 281-315. Kim, Y., 1990. Informative conversion ratios: a signaling approach. Journal of Financial and Quantitative Analysis 25, 229-244. Kanniainen, V. and Keuschnigg, C., 2004. Start-up investment with scarce venture capital support. Journal of banking and Finance 28, 1945-1959. Maskin, E. and Tirole, J., 1990. The Principal-agent relationship with an informed principal: The case of private values. Econometrica 58, No. 2, March, 379-409. Maskin, E. and Tirole, J., 1990. The Principal-agent relationship with an informed principal, II: Common values. Econometrica 60, No. 1, Jan., 1-42. Myers, S. 1984. The capital structure puzzle. Journal of Finance 39, 575-592. Myerson, R. B., 1982. Optimal coordination mechanisms in generalized principal-agent problems. Journal of Mathematical Economics 10, 67-81. Myerson, R. B., 1983. Mechanism design by an informed principal. Econometrica 51, No. 6, Nov., 1767-1797. Myerson, R. B., 1984. Two-person bargaining problems with incomplete information. Econometrica 52, No. 2, Mar., 461-487. Repullo, R., and Suarze, J., 2004. Venture capital financing: A security design approach. Review of Finance, Issue 8, 75-108. Schmidt, K. M., 2003. Convertible securities and venture capital finance. The Journal of Finance 58, 1139-1166. Seward, J. K., 1990. Corporate financial policy and the theory of financial intermediation. The Journal of Finance 45, No. 2, 351-377. Smith, J. K. and Smith, R. L., 2004. Entrepreneurial Finance, the 2nd edition. John Wiley & Sons. Shyam-Sunder, L. and Myers. S., 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics 51, 219-244. Stein, J. 1992. Convertible bonds: a backdoor equity financing. Journal of Financial Economics 32, 3-21. Trester, J. J., 1998. Venture capital contracting under asymmetric information. Journal of Banking and Finance 22, 675-699. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/45913 | - |
| dc.description.abstract | 在公司理財當中，創投是一個非常重要且迷人的主題。在本研究當中，我們有興趣的主題是企業價值，創投參與者的所得函數與創投參與者折現率比值的關係。在我們的模型當中，創投參與者既為主理人，亦為代理人；外加今天面對到的資訊不對稱問題，既包含了逆選擇的問題，也涵蓋了道德風險的問題，再再都使得想了解的主題變得非常深澀難懂。所幸前人的研究提供了一些方向，使得我們能夠在既有的方法當中，更進一步去解析與了解我們有興趣的主題 ；透過附加在可轉換證券上的買權與賣權，我們能夠進一步知道其背後所代表的經濟意義，以及其所形成的新均衡。 | zh_TW |
| dc.description.abstract | Venture capital is a charming issue. We explore the relative ratio of discount rates between the venture capitalist and the entrepreneur in a setting that the venture capitalist and the entrepreneur are both principals and agents. The verifiability of venture value leads us to know the efforts devotion and its respective impacts on discount rates better. The incentive behind the convertible preferred shares used for the venture finance has been considered as equivalent to the financing with some constraints imposed on the common shares. On the convertible incomplete contract, the putable/callable options enhance the incentives and reduce the uncertainty in the early stage of venture finance. A new equilibrium is brought when a lemon problem is faced with unexpected actions taken by both. The underinvestment/overinvestment problem has been considered from the private benefit and the value creation of venture of both sides. In our paper, the venture capitalist may be induced to overinvest by the NPV-like rule. The equilibrium leads us to know the interactive relationships and the distribution of venture value between two players well as proper strategies are applied. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-15T04:48:43Z (GMT). No. of bitstreams: 1 ntu-99-D94724019-1.pdf: 728285 bytes, checksum: aa519fe6f96d0ef220b56bc62fb17973 (MD5) Previous issue date: 2010 | en |
| dc.description.tableofcontents | 口試委員會審定書………………………………………………………………
謝詞與感言……………………………………………………………………… i 中文摘要………………………………………………………………………… ii 英文摘要………………………………………………………………………… iii Chapter 1. The Financial contracting of Venture finance -------------------- 1 1.1. Incentive ----------------------------------------------------------------------- 1 1.2. The Literature Review ------------------------------------------------------- 1 1.2.1. The mechanism of convertible preferred stock for venture financing 3 1.2.2. The incomplete contract theory of the firm for the renegotiation mechanism 8 1.2.3. The self-selection mechanism (the revelation principle) used as the incentive-compatibility condition imposed ------------------------------------- 13 1.2.4. The Exit decisions of venture capitalists and entrepreneurs ---------- 15 1.2.5. The Double moral hazard problem --------------------------------------- 18 1.3. The interesting issues --------------------------------------------------------- 20 1.3.1. Callable or Putable embedded options on the convertible preferred shares for the early stage venture capital financing ---------------------------------------- 20 1.3.2. The Coexistence of moral hazard and adverse selection for the early stage venture capital financing ---------------------------------------------------------- 23 Chapter 2. A perspective of entrepreneurial discount rate and its related issues 24 2.1. Introduction -------------------------------------------------------------------- 24 2.2. A Single-period Model ------------------------------------------------------- 33 Assumptions ------------------------------------------------------------------------ 36 2.2.1. Scenario 1 ------------------------------------------------------------------- 37 Scenario 1 -------------------------------------------------------------------------- 37 Case 1-1. ---------------------------------------------------------------------------- 37 Case 1-2. ---------------------------------------------------------------------------- 41 Case 1-3. ---------------------------------------------------------------------------- 44 2.2.2. Scenario 2 ------------------------------------------------------------------- 66 Scenario 2 --------------------------------------------------------------------------- 66 Case 2-1 ----------------------------------------------------------------------------- 66 Case 2-2 ----------------------------------------------------------------------------- 73 2.3. Some Extensions ------------------------------------------------------------- 76 2.4. Conclusions ------------------------------------------------------------------- 77 Appendix A ------------------------------------------------------------------------ 80 Appendix B ------------------------------------------------------------------------ 89 Chapter 3. Future research issues ---------------------------------------------- 92 Reference -------------------------------------------------------------------------- 93 | |
| dc.language.iso | en | |
| dc.subject | 創業投資 | zh_TW |
| dc.subject | 可轉換股權 | zh_TW |
| dc.subject | 折現率 | zh_TW |
| dc.subject | 誘因限制式 | zh_TW |
| dc.subject | 機制設計 | zh_TW |
| dc.subject | incentive constraint | en |
| dc.subject | convertible preferred share | en |
| dc.subject | venture capital | en |
| dc.subject | mechanism design | en |
| dc.subject | discount rate | en |
| dc.title | 可轉換證券在創投初期的理論與應用:從創投參與者的折現率與其相關議題進行討論 | zh_TW |
| dc.title | A Theory of Convertible Securities for the Early Stage Venture Capital Finance: A Perspective of Entrepreneurial Discount Rate and Its Related Issues | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 98-2 | |
| dc.description.degree | 博士 | |
| dc.contributor.oralexamcommittee | 周幼珍(Yow-Jen Jou),張元晨(Yuanchen Chang),陳業寧(Yehning Chen),盧秋玲(Chiuling Lu) | |
| dc.subject.keyword | 可轉換股權,折現率,誘因限制式,機制設計,創業投資, | zh_TW |
| dc.subject.keyword | convertible preferred share,discount rate,incentive constraint,mechanism design,venture capital, | en |
| dc.relation.page | 97 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2010-08-04 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
| 顯示於系所單位： | 國際企業學系 | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| ntu-99-1.pdf 未授權公開取用 | 711.22 kB | Adobe PDF |
系統中的文件，除了特別指名其著作權條款之外，均受到著作權保護，並且保留所有的權利。