美国风险投资优先股制度的中国运用

美国风险投资优先股创新起源于传统的投融资双方股权安排的制度不均衡。通过对《美国风险投资示范合同》梳理可以发现,风险投资优先股权涵括了固有权能、相机抉择权和创业企业特别控制权。在长时间内,我国风险投资优先股是在红筹交易架构中实现,但是伴随＂10号文＂出台,红筹上市之路受阻,在现行法律框架下实施该机制遇到多重障碍。随着风险投资产业本土化格局渐成,市场主体对优先股制度需求日益加强,现行法律下的权宜性安排又造成制度成本陡然上升。在此情况下,唯有汲取美国经验,改善境内相关公司法律环境。

The Application of American VC Preferred Stock Mechanism in Chinese Legal System

American VC preferred stock innovations originated from the mechanism imbalance of traditional equity arrangement between investing and financing parties. Based on combing of NVCA Model Documents for VC Investments, we may find VC preferred stock right contains inherent capacity, discretionary right to opt and special right of control of the start - up company. In a long time, our VC preferred stock was realized in the exchanging mechanism of red -chips listing, however, with the issuing of ＂No. 10 Document＂, red- chips listing was heavily handicapped and the preferred stock mechanism m work of law. With the pattern of localized VC industries et with myriad of impairments in the current frame- gradually formed, system of VC preferred stock is strongly needed by market players. But in the existing legal system, some expedient arrangements in turn cost the system sharply, so only through drawing experiences from the USA and improve the legal environment of related corporation in China can we make the situation better.