| 创业投资基金薪酬条款的结构化研究——来自美国的经验与启示 |
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| 引用本文： | 李建军, 费方域, 郑忠良,.创业投资基金薪酬条款的结构化研究——来自美国的经验与启示[J].华东经济管理,2009,23(5):119-124. |
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| 作者姓名： | 李建军 费方域 郑忠良 |
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| 作者单位： | 上海交通大学,经济管理学院,上海,200052 |
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| 摘 要： | 文章在总结美国创业投资基金的合伙协议中薪酬条款的基础上，将创业投资基金的薪酬条款结构化为三个方面，重点突出了收益分配方式的多样性和重要性。在总结美国创业投资基金薪酬条款的基础上，将创业投资基金的薪酬归结为包含看涨期权的线性薪酬合约。最后为我国即将开始的有限合伙制下创业投资基金创业投资家的薪酬设计提供相应的建议。
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| 关 键 词： | 创业投资基金 管理费 合伙协议 利润提成 分配方式 |
Research on Venture Capital Funds Compensation Agreement From the Experience of American Venture Capital Funds |
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| LI Jian-jun; FEI Fang-yu; ZHENG Zhong-liang.Research on Venture Capital Funds Compensation Agreement From the Experience of American Venture Capital Funds[J].East China Economic Management,2009,23(5):119-124. |
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| Authors: | LI Jian-jun; FEI Fang-yu; ZHENG Zhong-liang |
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| Institution: | School of Economics and Management; Shanghai Jiaotong University; Shanghai 200052; China |
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| Abstract: | We analyze the American VC funds＇ compensation agreement, and we think except the management fee and carry , there is the third key component of the compensation--the distribution method of the profit and we conclude the two important factors--credit risk and moral hazard risk which can effect the distribution method of the funds profit . Then we restructure the VC funds compensation as a linear compensation contract including a call option . Finally , we give some advice for Chinese VC funds＇ compensation design. |
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| Keywords: | venture capital funds management fee limited partnership agreement profit commissions the distribution method |
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