Purpose

This study aims to investigate the use of convertible securities and control rights covenants for a sample of 53 Portuguese, Spanish and German venture capital (VC) firms.

Design/methodology/approach

A relatively new methodology in business sciences – a fuzzy set qualitative comparative analysis – that considers both quantitative and qualitative factors is used for obtaining a solution that best fits the empirical data.

Findings

The results show that the use of convertible securities is affected by agency predictions, namely, the anticipated severity of double-sided moral hazard problems. On the other hand, a mixed support is provided to the agency predictions regarding the use of control right covenants. The results seem to suggest that control right covenants tend to play a different role from convertible securities in the optimization of contract design for VC-backed investments.

Originality/value

Existing literature on VC contract design is extended by providing a cross-border analysis to VC financing decision.

中文翻译：

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风险资本融资合同的优化设计：以葡萄牙，西班牙和德国市场为例

目的

这项研究旨在调查53家葡萄牙，西班牙和德国风险投资（VC）公司样本中可转换证券和控制权契约的使用情况。

设计/方法/方法

商业科学中一种相对较新的方法-模糊集定性比较分析-同时考虑了定量和定性因素，可用于获取最适合经验数据的解决方案。

发现

结果表明，可转换证券的使用受代理机构预测的影响，即双面道德风险问题的预期严重性。另一方面，就控制权契约的使用为机构的预测提供了混合支持。结果似乎表明，控制权契约在可转换风险投资支持的合同设计优化中往往与可转换证券起着不同的作用。

创意/价值

通过对风险投资融资决策进行跨境分析，扩展了有关风险投资合同设计的现有文献。