期刊
ENTREPRENEURSHIP THEORY AND PRACTICE
卷 40, 期 1, 页码 25-48出版社
SAGE PUBLICATIONS INC
DOI: 10.1111/etap.12104
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This article provides a comprehensive theoretical and empirical literature review of venture capital contracts. This outlines the differences between theoretical and practical uses of contract designs; that is, (1) how does the choice of securities give rise to different adverse selection problems in terms of attracting different types of entrepreneurial companies; how does the choice of securities in conjunction with cash flow and control rights provisions affect (2) the effort levels by the entrepreneur and the investor; and (3) ultimately affect entrepreneurial outcomes. This article highlights the major discrepancies between theory and practice and points out potential avenues for further research.
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