2005 8 23 B B
IPO
1 VC VB VC 2 VC VB...2... 2 VC VB... 3... 5...7... 7... 8... 9...10... 12... 15... 17 VC 18 VC /...18...21 27...27 VC... 27 VB... 28...28 1... 28 2... 29 3... 29 4... 29 5... 30 6... 30 7... 30 i
8... 31 9... 31 10... 32... 32 33...33...34...34 37 ii
VB 1 VC VB VC VB VB VC VC VC 1 VC VC VC VC VC VC VB VC VC 2 VC VB 1 1
VC 3 VC 2 4 5 VC VB VC private information 1 shirking 2 2
2 VC 2 VC GP VC VC LP LP VC 1 VC VB VC VB 3 VC VB Reid [1998] Chan, Siegel and Thankor [1990]Lambert [1986] VC VB 4 Duffner [2003]Reid [1998]Smith and Smith [2004] VC VB VC VB VB VC 2 3 Smith [1998] VB VC 4 Reid [1998] 3
VB VC VB VB perquisite VB shirking Jensen and Meckling [1976] 100 VB VC 5 VC VB VC VB VB VC VC VC Smith and Smith [2004] VC VB VB VC 5 Jensen and Meckling [1976] VC VB Smith and Smith [2004] 4
VC 6 VB VC VC VB 7 Jensen and Meckling [1976] 2 VC VB Hellmann and Puri [2000]Hellmann and Puri [2002] VC VB VC 8 Smith and Smith [2004] VB VC VB 6 VB 7 VC Smith and Smith [2004] 8 VB 5
Smith and Smith [2004] VC Smith and Smith [2004] VB VC Spence [1973] VB VC VC VC VC VB Klein, Crawford and Alchian [1978] GM GM Fisher Body VC VB VC VB 9 9 Duffner [2003] 6
VC VC VB VB VB VC 3 3 VC VC 3 1 2 3 VB VC VC VB VB IPO VC VB VC 2 Sahlman [1990] VC VB Neher [1999] VC 10 VB VB VB 10 Neher [1999] 7
Neher [1999] Wang and Zhou [2004] [2002] VC Gompers [1995] Kaplan and Strömberg [2003] VB VC VB VC VC VB VC VC 1 VB VB VB VC Lerner and Hardymon [2002] 1 1 VC 8
VC VC IPO VB Berglöf [1994]Marx [1998] VC VB Kaplan and Strömberg [2003] VC 213 20495.9% VB 550 VB 400 1,000 2 75% 2.5 75% 2 VC 500 50 1.67 VC 600 VC Smith and Smith [2004] Smith and Smith [2004] VC VC VB VC 1000 VC 10 23 VC 2 3 human capital Smart [1998] VC 1 120 VC 9
VC Kaplan and Strömberg [2003] VC VC VB 2 2 VC 1 cash flow rights, risly claims 1 control rights 2 1 13 VC Cestone [2002] VC VB VB VC VB IPO VC VC Kaplan and Strömberg [2003] VC 18% 1 3 VC 14 VC VB 1 11 12 13 1 14 1 10
conversion right automatic conversion liquidation preference redemption right antidilution provision* right of first refusal right of co-sale preemptive right ------------------------------------------------------------------------------------ IPO stock restriction agreements* use of proceeds registration rights exclusivity dividend preference right to maintain* voting rights right to elect directors# ------------------------------------------------------------------------------------ antidilution provision* right of co-sale right of first refusal automatic conversion stock restriction agreements* preemptive right conversion right exclusivity board representation and meeting# right to maintain* observer right information and inspection right board representation and meeting# key person insurance protective provisions nondisclosure agreement IPO noncompetition agreement vesting provisions representation and warranty redemption right due diligence vesting provisions noncompetition agreement * # 11
3 3 3 VC VB VC VB VC VB VC VB VB VB VC VB IPO VB VC VB VC VB VC VC 12
VC VC IPO conversion rightsipo automatic conversion provision 11 Kaplan and Strömberg [2003] 95.9% Kaplan and Strömberg [2003] IPO VC 3 3.6 1 4.4 IPO VB VC VC 15 VCVB VC VB 1 VC 2 VC VB VB 15 13
3 IPO VC VC IPO 4 IPO IPO liquidation cash flow rights VB IPO VC VC VB VC VB Kaplan and Strömberg [2003] VC 1 redemption rights VC VB Kaplan and Strömberg [2003] 78.7% VC 5 VC 16 anti-dilution protection VB 16 14
17 Kaplan and Strömberg [2003] 95% 19.3% 75.6% Lerner and Hardymon [2002] right of first refusal VB VC VB VC VC VB VC 17 VC VB 15
VC VC voting rights board 1 1 class voting [2000] VC VB Kaplan and Strömberg [2003] VC VB 5 2 VC 2 1 6 2.6 VC 2 1.2 VC 16
VC VC VB VC non-compete clause VB VB VB VB VC VB VB Kaplan and Strömberg [2003] 70 vesting provision VB VB VB VB Kaplan and Strömberg [2003] 41 48 VC 17
VC 2 VC VC VC Kaplan, Martel and Strömberg [2004] 18 1994 VC VC VC VC 80% 19 VC VC 30 VC 2 VC VC 1990 VC VC VC VC 6 VC [2002] VC 145 20 [2002] VC 14 2002 15 18 19 [1997] 20 2001 6 145 2001 7 56 38.62% 18
+ (100%) (76%) 18% 27% (13%) (92%) (93%) (39%) 27% 42% (25%) (75%) (67%) (79%) B C C A A A 2 * 1 1 16 20% 17% 19% 16% 33% 100% 37% 79 22% 0% 14% 0% 0% 0% 20% 10 47% 78% 62% 85% 58% 0% 40% 5 53% 65% 78% 54% 44% 100% 50% 510 18% 6% 19% 31% 44% 0% 0% 10 16% 29% 0% 0% 11% 0% 12% 26% 6% 0% 0% 25% 67% 43% 47% 89% 100% 92% 75% 0% 10% # B C C B A * 67% A B C 100% # [2004] 2>=A >0.670.67>=B >=-0.67-0.67>C >=-2 2 1 0 1 2 + 1 Hamao, Packer and Ritter [2000] [2002] [2004] 19
2003 VC100 VC [2003][2004] VC 4 Hamao, Packer and Ritter [2000] VC 4 IPO 21 VC 2 2 VC 11 VC ABC 3 22 1 [2002] VC VB VC VC VB [2002] VC 76% 39% B VC VC C 2 VB Hamao, Packer and Ritter [2000] VC VB IPO 10 VC VB VC 76 75 IPO VB Hamao, Packer and Ritter [2000] VC VB VB 21 [1996] 22 2 20
IPO VC VB 78456 363 10 1 VC IPO IPO VC VB VB certification [2002] VB VB VC VB [2002] VC VC 92 93 100 VC VC Hamao, Packer and Ritter [2000] VC VC VC 5.5% VC 4.3% VC 8.4% IPO IPO 2 VC VC 2 VC 2 VC VC 2 23 VC 23 Black and Gilson [1998] VC 21
VB 24 VC VC 1990 VB 1 VC 1990 VB [1996] 1993 VC 20% 80% 25 VC VC VC VC VC 1 1 VC VC VB VC VC 2 24 Smith and Smith [2004] 25 1997 18.7%2003 0.8% [2006 ] 22
2 VC VC 1990 VB IPO IPO M&A IPO 26 IPO 27 VB IPO VC VC VC VB IPO IPO VC 3 3 VC IPO IPO VC VC VB VC IT VB VC VC IT VB VC 3 28 4 26 [2006 ] 27 [1998] 28 VB 3 [2006 ] 23
4 IT VB VC VC VC VC VC VB VB VC VB VC 5 5 VC 2 VC VC 2 VC VC 90% 100% 23 5 65% 80% 6 6 VC 2 VC 90 100 24
VC VC 7 7 VC VC 29 VC VC VC 8 8 VC VC Kaplan, Martel and Strömberg [2004] 23 145 VC VC VC VB VC VC Kaplan, Martel and Strömberg [2004] 29 25
VC 2 VC VC VC 9 9 VC VC VB VC VC IPO VC IPO VC VB 10 10 VC IPO 3 VC 26
VC VC VC13 17 VC VC VB4 4 3 5 2 1 1 5 IT 2 0 1 3 1 1 VC 4 1 0 5 1 0 1 2 0 1 0 1 1 0 0 1 0 4 1 5 VC 4 8 6 3 17 27
VC VC VB 2 IT 1 1 VC VB 4 VC 2 IT 1 1 VC 5 VB A 2001 2002 2002 B 1994 2003 IT 2000 2003 2000 2000 (2) 2002 (2) 1987 2003 2003 (3) 2003 2003 2 1 1 9 IPO 12 IT VC2 5 3 2 VC1 1 1980 1 17 14 3 2 VC 2 82.7% 100% Kaplan and Strömberg [2003] VC 28
78.7% 81.7% 1 2 VC1 VB VC Kaplan and Strömberg [2003] 2 3 17 IPO IPO IPO VB 3 4 IT VB VC 4 VC 4 1 VC VC VC VC 4 1 2 VC VC VC VC VC 29
VC VC 4 VC VC 5 VC 17 8 VC 5 4 VC VC IT VB VB VB 5 6 VC 5 4 6 7 VC 5 5 26 15 12 13 11 17 14 30
1 3 1 1 IPO 5 5 7 8 VC VB 3 VC 4 VC VC 8 9 VC 8 2 31
9 10 VC VC VC 3 1 VC 1 1 VB VC IPO 3 VB 3 2 VC 10 6 1 2 3 1 2 3 4 5 1 2 1 1 1 2 3 4 1 2 3 4 5 6 7 8 9 10 5 32
VC VB VB VC VC VC VC VC VC VC VC 2 VC 1990 VC IPO VB IPO VC IPO VC VC VC IT VB VC 33
Kaplan and Strömberg [2003] VC VC 17 2 7 7 VC 7 A VB VC VC 1 1 VC VC VC VC VC VC VC VC VB VC VB 34
VC VC VB [2001] VC VB 35
2 3 1 2 3 4 5 1 1 2 3 4 5 1 2 1 1 IPO 3 1 1.5 1.5 3 2 1 1.5 2 1.5 2 3 3 3 2 2 2 4 3 2 2 4 2 2 3 4 2 2 4 4 2 1 1 1 1 0 0 0 1 0 0 0 1 0 0 1 1 0 0 0 0 * 9 A B C C A B C B A C B A A B C C C 1 1 * 7 9 A4 7 B1 4 C 36
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2 : 3376 [2002] [2000] [1997] [1998] No.1505 [2000] No.1559 [1997] [2006 ] M.J. [1999] [2002] 22 2 : 150164 [2004] 15 [2002] 13 [1991] [1996] [1996] 39
VC conversion right automatic conversion IPO liquidation preference redemption right 35 VB VC antidilution provision M&A ratchet provision weighted average ratchet provision VB right of first refusal right of co-sale preemptive right IPO stock restriction agreements use of proceeds registration rights exclusivity dividend preference VB VB IPO VC VB VC VC VC VB VB VC VC SEC IPO VB VC VC VC VB 40
right to maintain voting rights right to elect directors board representation and meeting observer right VB information and inspection right VB protective provisions VB VB key person insurance VB VC VC VB VC nondisclosure agreement IPO VB VB noncompetition provisions VB vesting provisions VB VB VB VB VB VB 41
representation and warranty due diligence VB VC VB VB VC VC VB VC VC VB VB VC VC VC Kaplan and Strömberg Smith [2003] and Smith [2004] Wilmerding [2003] [2002] [1997] 42