金融理论与实践
金融理論與實踐
금융이론여실천
Financial Theory and Practice
2013年
4期
41~47
,共null页
金融生态 私募机制 可转换优先股
金融生態 私募機製 可轉換優先股
금융생태 사모궤제 가전환우선고
financial ecology; private financing mechanism; convertible preferred stock
私募机制的创新对投资者、管理层和股东提供了兼容性激励，具有吸收风险的功能，对公司治理和风险管理具有借鉴意义。从金融生态的视角，分析了典型私募合约中可转换优先股的具体运作机制，尤其关注合约条款意在消除的各种利益冲突，发现真正对投资者重要的不是控制而是收益。
私募機製的創新對投資者、管理層和股東提供瞭兼容性激勵，具有吸收風險的功能，對公司治理和風險管理具有藉鑒意義。從金融生態的視角，分析瞭典型私募閤約中可轉換優先股的具體運作機製，尤其關註閤約條款意在消除的各種利益遲突，髮現真正對投資者重要的不是控製而是收益。
사모궤제적창신대투자자、관리층화고동제공료겸용성격려，구유흡수풍험적공능，대공사치리화풍험관리구유차감의의。종금융생태적시각，분석료전형사모합약중가전환우선고적구체운작궤제，우기관주합약조관의재소제적각충이익충돌，발현진정대투자자중요적불시공제이시수익。
The innovation of private financing mechanism provided a motivation with compatibility to the investors, shareholders and management with the function of risk absorption, which meant a lot to corporate governance and risk management. This paper analyzed the concrete working mechanism of convertible preferred stock in typical private financing contract under the perspective of financial ecology, especially paying attention to contracts articles in order to eliminate the each kind of interest conflicts. They found out that the real important thing to the investors was benefit instead of controlling. At last some enlightenments were given to the development of private financing market in China.
