优先股投资

风险投资投资工具中，可转换优先股投资结合了普通股投资与债权投资的优点，较好的实现了收益分配与风险的匹配；

Convertible preference stocks combines common stock 's merit with that of credit and matches the income and the risk well .

为了降低信息不对称程度以及有效防范道德风险，风险投资家在投资风险企业的过程中通常采用可转换优先股作为投资工具、分阶段对企业进行投资、合理有效的分配控制权来安排契约。

To reduce the degree of asymmetric information and keep moral hazard away , venture capitalists usually adopt convertible preferred stock as an investment tool , staged financing as a method of investing capital and allocating of control rights efficiently to arrange contract in the process of investment .

本文的研究，对可转换优先股在风险投资中的具体应用提供了思路。（1）本文构建了两阶段融资模型，这一模型为大多数理论研究和实证所支持。

This study provides some thoughts to the application of convertible preferred stock in venture capital . ( 1 ) This study constructs a two-stage financing model which is supported by many theoretical studies and demonstrations .

参与型可转换优先股与最优风险投资退出决策

Participating preferred convertible equity and optimal exit decisions about venture capital

其中可转换优先股和分阶段投资构成风险资本市场财务治理结构的核心。

In the venture capital market of USA , arrangement of convertible preferential stock and staggered investment forms the core of financial affairs governance structure .

优先股鼓动最关心其投资报酬。优先股股东投资报酬率为每股息除以每股市价。

Preferred stockholders are interested in the yield on their in - vestment . The yield is computed by dividing the dividend per share by the market value per share .