Despite its return to net profitability, the bank recorded a loss per share of 18 cents, reflecting a reset in the price of convertible preferred stock in January. 尽管恢复净盈利能力,但该行每股亏损18美分,这是因为1月份曾经重设可转换优先股的价格。
Convertible adjustable preferred stock 可转换可调整优先股
Firstly, this paper argues that convertible preferred stock can not only allocate residual claims between investors and entrepreneurs, but also assign control rights. 可转换优先股不仅可以在投资者和企业家之间分配剩余索取权,还可以分配控制权,而且这种控制权的转移是状态依存的。
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. 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。
In venture capital financing, practitioners use different securities, especially convertible preferred stock. Agency theory and property rights theory have different explanation for it. 现实中风险资本融资使用不同种类的证券工具,尤其是大量使用可转换优先股,委托代理理论和控制权理论对此有不同的解释。
The analysis shows that convertible preferred stock or convertible debt is the best if good output level is twice as high as the original capital. 通过对模型的数量分析发现,如果好的产出水平大于债务重组金额2倍,选择可转债或可转换优先股都是最优的债务重组工具;
As to the launch of growth enterprise market in China and development of venture capitals in China, this paper suggests formulating policies to approve the issuance of convertible securities and preferred stock in China. 在对我国创业板建设以及风险投资行业发展的推动方面,本文建议我国建立更全面地政策支持可转换证券的发行,尤其是可转换优先股融资的发行。
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. 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。