New Applied Mechanism for Fair Equity Sharing to Overcome The Challenges of Venture Capital Financing
سال انتشار: 1401
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 119
فایل این مقاله در 19 صفحه با فرمت PDF قابل دریافت می باشد
- صدور گواهی نمایه سازی
- من نویسنده این مقاله هستم
استخراج به نرم افزارهای پژوهشی:
شناسه ملی سند علمی:
JR_IJIEPR-34-1_013
تاریخ نمایه سازی: 18 تیر 1402
چکیده مقاله:
Venture capital (VC) financing is associated with the challenges of double-sided moral hazard, and uncertainty, which leads to the difficulty in estimating the venture's value accurately and consequently the impossibility of determining the optimal equity sharing between the entrepreneur and investor. Traditionally, convertible preferred equity mechanisms used to be implemented as an incentive to decline moral hazard. However, despite the emphasis on investor risk-taking, such mechanisms transfer the investor risk to the entrepreneur and do not mitigate the incentive of opportunistic behaviors. Furthermore, according to the literature review, and to the best of the authors’ knowledge, there has not been developed any practical mechanism for equity sharing in VC financing up to now. This paper proposes a fair equity sharing mechanism, which alleviates the above-mentioned deficiencies. It adjusts both parties' share during the equity dilution in each stage of financing, regarding the difference between the venture's ex-ante and ex-post values. Moreover, it manages uncertainty by applying staged financing and the option of abandonment at the end of each stage. The proposed mechanism has been verified by using the mathematical tools and drawing its curves for a case study.
کلیدواژه ها:
Venture capital (VC) financing ، Fair equity sharing ، Double-sided moral hazard ، Convertible preferred equity mechanisms.
نویسندگان
Komeil Fattahi
Ph.D. of Management of Technology at Iran University of Science and Technology (IUST)
Ali Bonyadi Naeini
Department of Management and Business Engineering, School of Progress Engineering, Iran University of Science and Technology (IUST)
Seyed Jafar Sadjadi
Department of Industrial Engineering, Iran University of Science and Technology (IUST)
مراجع و منابع این مقاله:
لیست زیر مراجع و منابع استفاده شده در این مقاله را نمایش می دهد. این مراجع به صورت کاملا ماشینی و بر اساس هوش مصنوعی استخراج شده اند و لذا ممکن است دارای اشکالاتی باشند که به مرور زمان دقت استخراج این محتوا افزایش می یابد. مراجعی که مقالات مربوط به آنها در سیویلیکا نمایه شده و پیدا شده اند، به خود مقاله لینک شده اند :