阶段融资框架下的风险投资企业控制权配置研究

Based on the incomplete contract theory, this paper discusses the optimal initial allocation of control right and the re-negotiation under the framework of stage financing. Through the analysis of the advantages and disadvantages of two different allocations of control rights and the comparison of their efficiency, we found that the optimal initial allocation of control right will be affected by the project development prospects and the bargaining power in the stage financing moment. Meanwhile, the different level of projects profitability determines the optimal phase of venture capitalists investment decisions, as well as the optimal phase adjustment of the control rights. The conclusion of the study explains the empirical results of Kaplan & Str?mberg (2003, 2004) on the allocation of the control rights.