摘要
由企业融资结构理论与企业融资生命周期理论结合可见,中小企业更适合股权融资。股权投资基金制度的产生可以看做是私募制度下投资者进行风险平衡的需要,客观上具有增强融资者风险认知与降低系统性风险的双层功能。从融资方来看,股权投资基金制度则是一种能带来增值服务的"超资金需求"资本制度。然而,该制度也是一把双刃剑,"永乐"、"亚信"等企业的融资教训表明,企业需慎重评价私募股权融资模式,通过对赌合约条款的明确细化来规避风险。
From the theory of enterprise financing structure and its life-cycle, we can see that equity financing is more suitable for small and medium-sized enterprises. The production of equity investment fund system can be regarded as the investors need the risk balance in private financing system, which has the double function of strengthening the financing ones＇ risk perception and reducing the systemati- cal risks. From the financing ones＇ angle, equity investment fund system is a kind of capital system which can bring appreciation service. However, from some negative examples, we can find this system is a double-edge sword, enterprises should evaluate private equity financing mode cautiously and avoid the risk from making clear the contract item of valuation adjustment mechanism.
出处
《金融理论与实践》
北大核心
2010年第9期87-94,共8页
Financial Theory and Practice
关键词
资本市场
企业融资
私募股权投资基金
对赌
Capital Market
Enterprise Financing
Private Equity Investment Fund
Valuation Adjustment Mechanism
