On choices of the securities in the venture enterprise financial governance

摘要

Venture enterprises are featured by high risk and high yield, and faced by the reality of the great disparity between their capital demand and supply, Which make venture capital naturally be the most reliable and effective source of financing. The intervention of venture capital and the particularity of venture capital market make the venture enterprise financial governance watch for a chance, which mainly depends on securities. Hybrid securities have a wide range of applications in the venture enterprise financial governance, because they contain stock rights, obligatory rights and share options which have a strong financial governance effects. In terms of the choices of hybrid securities, venture enterprises usually use a portfolio instead of a single security. In practice, we usually use gold segmentation method to construct hybrid securities.