%0 Journal Article
%T Capital structure of venture capital finance under double moral hazard and risk aversion of entrepreneur<br>风险规避、双边道德风险与风险投资的融资结构
%A GUO Wen-xin
%A SU Yun
%A ZENG Yong
%A <br>郭文新
%A 苏云
%A 曾勇
%J 系统工程理论与实践
%D 2010
%I 
%X This paper analyzes a venture capital financing model under the double moral hazard problem, in which the entrepreneur is risk-averse.Using the variational method,we find that second-best financial structure is nonlinear.Then we use the numerical method to solve the problem where restricting the financing structures.It comes out that the optimal three-section linearity structures mostly show the characteristic of the convertible securities.The results also show that the loss of utility of entrepreneur cause...
%K venture capital
%K double moral hazard
%K convertible preferred stock
%K financing contracts<br>风险投资
%K 双边道德风险
%K 可转换优先股
%K 融资合约
%U http://www.alljournals.cn/get_abstract_url.aspx?pcid=01BA20E8BA813E1908F3698710BBFEFEE816345F465FEBA5&cid=962324E222C1AC1D&jid=1D057D9E7CAD6BEE9FA97306E08E48D3&aid=EC8F9C476D6DD89AD7554A569FC15760&yid=140ECF96957D60B2&vid=340AC2BF8E7AB4FD&iid=38B194292C032A66&sid=A53D7AA35F9929AF&eid=6B3068A7C27BD349&journal_id=1000-6788&journal_name=系统工程理论与实践&referenced_num=0&reference_num=34