442 2007 7 IPO VC BO VC BO M&A IPO MBO VC IPO BO restructuring reorganization recapitalization VC BO GDP GDP VC 10 VC VC30 2002 12 http://www.jvca.jp/2007 3 171-8588 1-5-1 TEL DI 03-5992-4382 Fax 03-5992-1007 E-mail: Kenichi.Tatsumi@gakushuin.ac.jp IPO VC VC VB VB VC
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2002 VC VC 4 BO VC BO TOB 3 2 BO TOB restructuring reorganization recapitalization BO BO VC BO VC 1 WSJ 2007 3 27
IPO VC BO 2-2 2003 1 NDA VC VB NDA non disclosure agreement VC NDA 2 LOI LOI letter of intent VC VB LOI VC LOI 3 3 due diligence VC VC LOI VB VC review VC 4 4 deal structure term sheet VC VC 1 VB
2-3 Gomper-Shalman 2002 2002 2002 2003 Metrick 2006 IPO VC IPO financial covenants 2-3-1 VC VB VC VB VC VB VC VB VC VC 2-3-2 1 VC pre-emptive rights IPO VC VC VB VC 2 VC co-sale right M&A VC VC
IPO VC BO 3 VC stage investment VB VC hands-on 3.5 1 20 10 5 5 2-3-3 VC preferred stock 11 common stock 1 2 1 anti-dilution provi- 2007 2 9 EADS 15 2010 7 EADS 10 2006 6 12 20 2006 6 13 11 2003 2001 9
sions VC 2002 20% full ratchet anti-dilution 78% weighted average anti-dilution 2% payto-play provisions 2002 18% pay-to-play pay-to-play 50% 33% 2 MLP 2 (liquidation preference) CP convertible preferred stock VC 1000 VC 5100 1 5 66 66 VC 5100 4000 VC % VC VC IT VC 2X 3X VC 2 3 MLP multiple liquidation preference MLP VB
IPO VC BO 2 3 MLP VC VB 2002 56% senior liquidation preferencevb 41% provided for a multiple preference 87% 1.5 2 3 13% 3 PCP participating convertible preferred stock, convertible preferred stock provided for participation Metrick (2006) 2002 67% VC 56% 2-3-4 VBVC 1 VB 2005 4 MGM 20 2 vesting Metrick (2006)
cliff vesting 25 stage vesting VC Gomper-Shalman (2002) VC 3 VB VC VC buy-back redemption 2002 44% a b 2 VC 2-4 VB VC VC 1 2 2005, pp.70-71 IPO IPO secondary share offering IPO IPO secondary share offering primary share offering
IPO VC BO primary secondary VC IPO 1 3-1 Li-Klein (2006) IPO 60.787.4 39.3 12.6 2.0 2 IPO Li-Klein (2006) 3 IPO IPO Li-Klein (2006) IPO IPO IPO 3-4 R&D OLS IPO R&D
3-2 2004 IPO 1996 1999 4 JASDAQ IPO 346 87.3 90.3 4 88.7 3 2 50 VC 5 IPO 40 10 40 17 88.7 39.3 40 12.6 2 2 3 VC 3-3 IPO IPO IPO
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5 DSP FIML DSP DSP DSP DSP DSP DSP IPO 1 IPO 4 1 0 Ray 2006DSP DSP DSP DSP DSP 2 Ray 2006 IPO DSP DSP DSP
IPO VC BO 3-4-4 Ray 2006 14 DSP IPO 1 DSP DSP Ray 2006 DSP 2 2 Ray 2006 0 CEO 5 founder-chairman 6 DSPDSP 9 14 2 14 Ray 2006 2000 3 16 2 Ray 2006
1 2006 (a) 2006 (b) 2006 (c) Brau, J., Francis, B. and Kohers, N., The choice of IPO versus takeover: empirical evidence, Journal of Business, 2003, 21, pp. 3-40. ATTRACTING INVESTORS, 2004 PHP 2005 9 VC GVC IPO #24 2002 9 INTERNET MAGAZINE 2002 1 VC INTERNET MAGAZINE 2003 4 Gomper, P. A. and Shalman, W. A., Entrepreneurial Finance, A Case Book, John Wiley, 2002. Lian, Q. and Wang, Q., The Dual Tracking Puzzle: IPO Plans Turn into Mergers, May 2006. Li, M. and Klein, D., Factors Affecting Secondary Share Offerings In The IPO Process, August, 2006 ( Market Timing, Window Dressing, And Secondary Offerings In The IPO Process, Paper presented at FMA Annual Meeting, Salt Lake City, Oct. 2006). Metrick, A. Venture Capital and the Finance of Innovation, John Wiley & Sons, 2006. Muscarella, C. J. and Vetsuypens, M. R., Efficiency and Organizational Structure: A Study of Reverse LBOs, Journal of Finance, December 1990, pp. 1389-1413. Qin, L., Does The Market Penalize Second-Time-Successful Ipos? Paper presented at FMA Annual Meeting, Salt Lake City, Oct. 2006. Ray. R., Directed Share Programs in IPO Underwriting and Agency Problems, July 30, 2006 (Paper presented at EFA 2006 Zurich Meetings). Vol.22/NO.2, 2002, pp.150-164 a IPO 2006 1 pp.231-249 b IPO 2006 4 pp.53-71 c IPO 2006 7 pp.223-245 2004 7