创业风险投资制度研究

【作者】 李艳旻；

【导师】 胡鸿高；

【作者基本信息】 复旦大学 ， 民商法， 2011， 硕士

【摘要】 创业风险投资,是指风险投资家通过一定的方式向风险投资者筹集创业资本,然后将风险资本投向未上市企业,主动地参与企业的管理、为其提供增值服务但不以最终控制企业为目的,做大做强未上市企业后通过一定的方式(如IPO),撤出资本,取得投资回报,并将收回的投资投入到下一个未上市企业的商业投资行为与资本运作方式。由于创业企业中存在的严重“信息不对称”引起的原发性风险以及企业所有权与控制权相分离的机制设计引发的体制性风险,风险投资家面临的投资风险远大于一般企业投资活动的投资风险。在强制性规范不能为风险投资家提供有针对性保护的情况下,美国等发达国家的风险投资实践中逐渐形成了一套风险投资所特有的、以公司契约为架构的风险投资家保护机制。随着中国建设创新型国家的脚步不断加快,培育和发展创业风险投资将进-步推进我国科技创新体制机制,壮大我国的科学研发事业。本文将以美国《创业风险投资示范合同》中的“对赌协议”的条款设计以及“综合型可转换优先股”的条款安排为蓝本进行阐述,旨在从微观角度出发,阐发如何将美国《创业风险投资示范合同》中有意的涉及合同权利与义务安排的相关条款设计及应用与中国本土的法律环境相适应,从而探索创业风险投资中契约制度的安排对于中国创业风险投资业的推动作用。基于我国已于2007年6月1日起正式实施修订的《合伙企业法》,有限合伙的企业组织形式己在我国法律框架内得到明确规定。至此,在我国目前的法律体系下,纯内资创业风险投资机构采用有限合伙制已不存在实质立法风险。2010年1月29日,国家工商总局发布了《外商投资合伙企业登记管理规定》明确了外商投资合伙企业的设立登记、变更登记、注销登记、分支机构登记、登记程序以及年度检验及证照管理等。而该规定的出台也为设立有限合伙制外商投资股权基金管理企业扫清了实质法律障碍。至此,本文将不再赘述风险投资家与风险投资者之间通过由公司组织形式确定的公司关系契约来实现投资者保护的机制,而主要论述通过安排与设置风险投资家与创业企业家之间签订的创业风险投资合同中的相关条款来降低甚至避免由于信息不对称及企业所有权与控制权相分离给风险投资家所带来的投资风险,从而最终实现创业风险投资的顺利退出并获得投资收益。本文共分为六章。第一章对创业风险投资进行了概述。第一章从阐述创业风险投资的内涵与特征出发,论证了风险投资作为一种新型投融资方式的特殊性,并进一步论述了创业风险投资主体及其法律关系,说明了创业风险投资主体主要包括创业风险投资的创业企业、创业风险投资机构(创业风险投资家)、创业风险投资者,阐明了主体之间存在的委托代理关系以及“筹资”与“投资”法律关系的内容。同时,结合我国风险投资近年来的发展,以创业风险投资的起源为发端,从实证的角度论述我国创业风险投资的现状及相关法律法规及政策的出台与完善。第二章对创业风险投资中“风险”的实质及其缓解路径进行阐述。第二章从阐述创业风险投资中“风险”的实质——原发性风险与体制性风险出发,论证了给予风险投资家特殊保护的必要性,并以解构创业风险投资中的原发性风险与体制性风险为发端,引出创业风险投资中的契约保护之路,并阐述了契约保护产生之原因以及契约自由与法律强制之间的关系。同时,第二章以“创业风险投资的制度安排——以美国创业风险投资契约”为发端,介绍了《美国创业风险投资示范合同》的诞生及针对创业风险投资合同的法定救济与合同救济。第三章对美国创业风险投资的经验进行了介绍,从美国《创业风险投资示范合同》中两大核心条款之一的“对赌协议”之设置与应用出发,通过合同中一系列相关权利义务约定,阐明创业风险投资契约研究的重要性。第三章结合实务中美国式创业风险投资合同相关条款的设计及操作,阐述了美国式创业风险投资合同中“对赌协议”的设置与应用,进一步论证了美国式创业风险投资合同中“对赌协议”条款的具体设计与安排、“对赌协议”的存在根源、学理上对“对赌协议”实施效应的归纳以及“对赌协议”实务操作中的风险防范。第四章从美国《创业风险投资示范合同》中两大核心条款之一“综合型可转换优先股”的设置与应用出发,通过合同中一系列相关权利义务约定,阐明创业风险投资契约研究的重要性。从实务中美国式创业风险投资合同相关条款的设计角度,阐述了美国式创业风险投资合同中“优先股”制度的设置与应用,并进一步论证了风险投资工具选择中,综合型可转换优先股的特点、与创业风险投资的最优契合性以及美国创业风险投资合同中综合型可转换优先股关于创业风险投资家保护条款(A序列优先股分红优先权、A序列优先股清算优先权、A序列优先股优先认购权、A序列优先股优先购买权、A序列优先股共同出售权及A序列优先股反稀释条款安排)、风险投资家优先退出条款(A序列优先股转换权、A序列优先股回赎权)、风险投资家控制管理企业条款(A序列优先股表决权)的安排。第五章探究了引入美国式《创业风险投资示范合同》中两大核心条款“对赌协议”与“综合型可转换优先股”的有益经验在中国的法律适用问题,审视美国创业风险投资相关机制安排在目前我国公司法律制度和外资法律制度下遇到的法律难题。首先,第五章从“对赌协议”在我的法律适用问题出发,论证了我国创业风险企业价值评估标准与国际标准存在一定的差异、我国关于可转换优先股的法律规定不完善以及我国关于股权运作的法律规定有待提高等问题现状。其次,以“优先股”制度在中国的法律适用问题为重点,论及我国外商创业风险投资的特殊性,从我国外商创业风险投资“红筹模式”的兴起与淡出以及我国外商在岸创业风险投资的主要法律环境与市场环境阐述了我国风险投资领域中外商创业风险投资的特点。进而,以此为基础,探究了我国在岸创业风险投资中具体适用“优先股”条款的法律适用问题,分析了创业风险投资中优先股分红优先权、清算优先权、优先认购权、优先购买权、共同出售权、反稀释条款、回赎权及表决权在中国适用的具体法律环境。第六章将针对第四章与第五章中“对赌协议”与“综合型可转换优先股”在中国法律环境下遭遇的适用难题,探索性地提出可行的本土化解决方案。首先,着重论述我国创业风险投资法律缺失之表现与成因。以阐述我国现行风险投资法律缺失得表现为出发点,详细阐述了我国尚未建成完善的创业风险投资法律体系;缺乏对“优先股”的明确法律规定；外商领域法律制定进程落后；外汇管制不适应我国市场经济的发展；我国现行资本制度设计无法满足“对赌协议”中有关“资本溢价”与“股权交易”的需要；商事法律强制性规范设置过多,公司意思自治受限；《公司法》对于股东信义义务以及董事信义义务的规定缺乏操作性；相关担保制度及税收法律政策的落后制约了我国风险投资的发展。并以此为线索,总结了我国现行风险投资法律缺失之原因,即我国存在过渡经济体制下的特殊性、处于创业风险投资法律体系构建初级阶段的特殊性以及外汇管理体制下的特殊性。进而,在分析这些法律缺失之表现与原因的基础上,针对这些法律缺失提出了对应的探索性的解决方法。更多还原

【Abstract】 Venture capital investment is the business investment method and the capital operation manner, in the process of which venture capitalists collect venture capital from investors, and then invest the venture capital into the unlisted venture enterprises. The venture capitalists take the initiative on participating in the management of the venture enterprise, afford the added service without the motive of controlling the firms, withdraw the capital and gain the investment return by the way of IPO. The returned capital will be used to the next unlisted venture enterprise.Due to the original risk resulted from the serious information asymmetry and the systematic risk resulted from the separation of the ownership and the managerial authority of the enterprise, the venture capitalist meets much more investment risk than the general investors. On the circumstance that the legal compulsory standardization can not provide the specified protection for the venture capitalists, America and the other developed countries gradually form series of special venture capitalists protection mechanism which is taken effect by the way of enterprise contracts.With the quickened pace of constructing the innovative country, fostering and developing venture capital investment will furthermore propel the scientific innovative mechanism of China and strengthen China’s scientific research undertaking. This thesis will focus on the Valuation Adjustment Mechanism and the Comprehensive Convertible Preferential Stock, analyze the application of the concerned rights and liabilities in the U.S.A Venture Capital Model Contracts to the legal environment of China from the microcosmic angle and finally probe for the improvement and impetus function of the venture capital contract to the venture capital cause of China.The limited liability partnership institution is been stipulated within China’s legal framework after the formal implementation of《The Partnership Enterprise Law》which was modified on June 1, 2007. So far, within the legal framework of China, purified domestic venture capital limited liability partnership enterprises will not meet the substantial legal risk. On Jan.29,2010,《The Provisions on the Registration of Foreign-funded Partnership Enterprises》stipulates the registration of formation, the registration of change, the registration of cancellation, the registration of the affiliated agency, registration process, the annual survey and document management, which help remove the barrier of the formation of the limited liability foreign-equity investment fund management company. Thus, This thesis will not give unnecessary details on the enterprise relationship contract between venture capitalists and investors stipulated by the corporate structure which will be used to achieve the investor protection institution, but mainly discuss the concerned articles designed in the venture capital investment contract between the venture capitalists and the venture entrepreneurs, which could reduce or even avoid the investment risk of venture capitalists resulted from the information asymmetry and the separation of the ownership and the managerial authority of the enterprise.This thesis is divided into 6 chapters.In the first Chapter, the author outlines the venture capital investment. The thesis begins with the characteristic and the dimension of the venture capital investment, demonstrates the specialty of the venture capital investment as a new investment and finance way, introduces the subjects and the legal relationship of the venture capital investment in which the subjects include the venture entrepreneur, the venture capitalist and the investor, analyzes the principal-agent relationship between the subjects and the content of the financing legal relationship and the investment legal relationship. Meanwhile, from the origin of the venture capital investment, the author argues, in accordance with the development of the Chinese venture capital investment,the recent situation of Chinese venture capital investment and the concerned laws, regulations and policies by the way of testament method.In the second chapter, the author elaborates the essence of the risk and its way of relief. Beginning with explaining the essence of the risk including the original risk and the systematic risk, the author demonstrates the necessary of affording the venture capitalists some certain special protection. From the aspect of the original risk and the systematic risk, the author introduces the contract protection way of venture capital investment, the reason of the contract protection birth and the relationship between the contract freedom and the law enforcement. Meanwhile, taking the example of the American venture capital investment contract, the author introduces the birth of the American Venture Capital Investment Model Contract, the statutory relief and the contract relief.In the third chapter, the author introduces the experience of the American venture capital investment and through the design and application of the Valuation Adjustment Mechanism and the preferential convertible stock, the author explains the importance of the research of the venture capital investment method. Firstly, the author illustrates the design and application of the Valuation Adjustment Mechanism, takes an example of the valuation adjustment mechanism in the venture capital investment contract, expounds the source of the Valuation Adjustment Mechanism, summarizes the academic effect of implementing the Valuation Adjustment Mechanism, generalizes the risk prevention of implementing the Valuation Adjustment Mechanism in the practice world. Meanwhile, the author explains the design and application of the preferential convertible stock, demonstrates the preferential convertible stock is the most suitable investment tool to the venture capital investment contract, taking examples of the venture capitalists protection term (such as A series preferential stock preferred dividend right, A series preferential stock preferred liquidation right, A series preferential stock preferred subscribing right, A series preferential stock preferred purchasing right, A series preferential stock whole-sale right, A series preferential stock anti-dilution right), the venture capitalists preferential exit term(such as A series preferential stock convertible right, A series preferential stock foreclosing right), the venture capitalists enterprise management term such as A series preferential stock voting right.In the fourth chapter, the author researches on the legal application of the valuation adjustment mechanism, looks into the legal application problem of the concerning venture capital investment terms during Chinese enterprise legal system and foreign investment legal system. Firstly, from the perspective of the legal application problem of the valuation adjustment mechanism, the author illustrates that contrasting the international evaluation standard of venture enterprise, the evaluation standard of Chinese venture enterprise lags behind, explains the imperfection of the legal enactment of the preferential convertible stock, demonstrates that the law and regulation concerning stock operation need to be enhanced.In the fifth chapter, the author researches on the preferential convertible stock, looks into the legal application problem of the concerning venture capital investment terms during Chinese enterprise legal system and foreign investment legal system, the author focuses on the legal application of the preferential stock in China, explains the specialty of the Chinese foreign-funded venture capital investment, and from the rise and decline of the Red Chip Mode and the main legal and market environment, explains the characteristic of the foreign-funded off-shore venture capital investment. Finally, the author analyzes the Chinese legal environment of the preferential stock dividend preferred right, the preferential stock liquidation preferred right, the preferential stock subscribing right, the preferential stock purchasing right, the preferential stock whole-sale right, the preferential stock anti-dilution right, the preferential stock foreclosing right and the preferential stock voting right.In the sixth Chapter, the author researches on the legal application problem of the valuation adjustment mechanism and the comprehensive preferential convertible stock, proposes the feasible domestic settlement method. Firstly, the author focuses on the demonstration and the cause of the law lackness in Chinese venture capital investment. In detail, the author analyzes that China has not established the complete venture capital investment legal system, lacks the specific provisions of the preferential stock, the pace of foreign-funded legislative process lags behind, foreign exchange control is not accustomed to the rapid development of Chinese market economy, the capital system design can not satisfy the need of the capital stock and the equity transaction in the valuation adjustment mechanism, the Chinese commercial law has established too much compulsory regulation which limits the party autonomy in companies, the regulations in the company law of the shareholders’fiduciary duty and the directors’fiduciary duty lack the maneuverability, the backward in the relevant guarantee systems and taxation policies limits the development of the Chinese venture capital investment. Follow the clue of the summarization of the demonstration of the law lackness in Chinese venture capital investment, the author probes into the cause of the Chinese venture capital investment legal absence which includes the particularity of Chinese transitional economy institution, the particularity of the preliminary period of Chinese venture capital investment legal system and the particularity of the foreign exchange control. On the basis of analyzing the demonstration and the cause of the law lackness, the author proposes some exploratory settlement.更多还原