可转换优先股

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。

Firstly , this paper argues that convertible preferred stock can not only allocate residual claims between investors and entrepreneurs , but also assign control rights .

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。

In venture capital financing , practitioners use different securities , especially convertible preferred stock . Agency theory and property rights theory have different explanation for it .

参与型可转换优先股与最优风险投资退出决策

Participating preferred convertible equity and optimal exit decisions about venture capital

并得出可转换优先股是最优的风险投资契约形式的结论。

It is concluded that convertible preference stock is a superior venture capital contract form .

风险投资投资工具中，可转换优先股投资结合了普通股投资与债权投资的优点，较好的实现了收益分配与风险的匹配；

Convertible preference stocks combines common stock 's merit with that of credit and matches the income and the risk well .

扣除投资者持有的可转换优先股的赎回成本，小米去年税前净亏损418.3亿元人民币。

After deducting the cost of redeeming convertible preference shares held by investors that became a pre-tax net loss of Rmb41.83bn .

其中可转换优先股和分阶段投资构成风险资本市场财务治理结构的核心。

In the venture capital market of USA , arrangement of convertible preferential stock and staggered investment forms the core of financial affairs governance structure .

另一个症结点在于，对那些在压力测试后被认为需要资金的银行，政府计划购买其可转换优先股。

Another sticking point is the authorities ' plan to buy convertible preferred shares in banks deemed to be in need of capital following the stress test .

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。

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 .

由此内在地导出了风险投资企业的资本结构，仅在某个利润水平之上创业者才能获得普通股，而风险投资家持有可转换优先股。

This paper explores the converting issue about participating preferred convertible equity by developing a model of the allocation of the control rights in the process of the exit of venture capital .

他做了一笔好买卖，拿到的可转换优先股每年支付9%的利息，还能在3年后转换为更高价格的普通股，或者在5年后赎回。

He snagged a good deal , an option that paid 9 per cent a year and could be converted into common stock at a higher price after three years or redeemed over five .

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。

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 .

其后，具备偿付能力的银行管理层可以选择自行筹集额外的资本金或求助于问题资产救助计划，该计划将明确其愿意认购新发行的可转换优先股的条款。

Managements of solvent banks would then have the option of raising additional capital themselves or turning to Tarp , which would state the terms on which it is willing to underwrite a new issue of convertible preferred shares .

根据双方正在商讨的新条款，这90亿美元将全部用于购买可转换优先股，这些股票最终将以预计为20美元至25美元的价格转换为普通股。

Under the new terms being discussed , the entire $ 9bn would be in the form of convertible preferred stock , that would eventually convert into common stock at a price that is expected to be between $ 20 and $ 25 .

这家日本银行仍计划投入90亿美元购买摩根士丹利21%的股权，但按照修改后的方案，它的所有投资都以可转换优先股的形式进行，并且价格要比先前商定的低得多。

The Japanese bank still plans to invest $ 9bn and take a 21 per cent share of Morgan Stanley , but under a changed formula that will see the entire investment in the form of convertible preferred shares at a significantly lower price than previously agreed .

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。

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 .

除认购普通股之外，卡塔尔控股和中投还将买入2.75亿英镑的无表决权和不可转换的优先股。

In addition to ordinary shares , Qatar and CIC will take 275m of non-voting and non-convertible preference shares .

可转换可调整优先股

Convertible adjustable preferred stock

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；

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 .

这种缓冲将以可转换为股权的所谓可转换优先股的形式提供。

This would come in the form of so-called convertible preferred shares that would exchange into equity .

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。

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 .

在成熟的风险资本市场中，风险投资者使用最多的投资形式是可转换证券，主要包括可转换债券和可转换优先股。

Convertible securities , including convertible debts and convertible preferred stocks , are the most familiar investing instruments in developed venture capital markets .