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优先清算权是风险投资入股企业时的一个重要合约条款。理解该条款的经济意义,对于合约各方形成正确的PE理念,营造PE相关的法律环境具有积极意义。本文基于合作博弈的分析框架,试图回答VC在入股企业时,为何要采用优先清算权、它解决了什么问题、优先清算倍数如何设置等。研究结果表明,优先清算权的采纳是VC投资者权衡未来潜在收益和风险承担的结果,优先清算倍数的设置存在上界和下界,设置合理的倍数能够确保风险投资家与创业企业家在合作中的激励相容。
The preemptive liquidation is an important contractual provision for a venture to invest in a company. Understanding the economic significance of this clause is of positive significance for all parties to the contract to form a correct PE concept and create a PE-related legal environment. Based on the analysis framework of cooperative game, this article attempts to answer the question of why VC should take preemptive liquidation right, what problem it solves and how to set preferential liquidation multiplier. The results show that the adoption of the preemptive liquidation right is the result of the VC investor weighing the future potential earnings and the risk taking. The upper and lower bounds of the preemptive settlement multiple exist. Setting a reasonable multiple can ensure that the venture capital investor and the entrepreneur Incentive compatible.