术语“可转换的优先股”的详细信息

英译术语:

convertible preferred stock

汉语语境:

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。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。在控制权理论的框架下建立一个风险资本融资的财务契约模型，很好地解释了控制权状态依存配置以及可转换优先股在配置控制权中的作用。

英语语境:

In venture capital financing, practitioners use different securities, especially convertible preferred stock. Agency theory and property rights theory have different explanation for it. The convertible preferred stock can not only allocate residual claims between investors and entrepreneurs, but also assign control rights. Moreover, this transfer of control rights is state-contingent. Finally, a new explanation for the prevalent use of convertible equities in venture capital financing was provided. This model can explain the gradual transfer of control rights in venture capital financing well.