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1、外文翻译原文IndependentDirectorsandBoardControlinVentureFinanceMaterialSource:BerkeleyPrograminLawandEconomics,WorkingPaperSeriesAurthor:BrainBroughmanIntroductionThefinancingcontractbetweenanentreprenurandinvestormustaddresstheparties’divergentinterests.Ideallythecontractaligntheirinter
2、estsacrossallcontingencies.Duetoboundendrationality,transactioncosts,andnon-verifiableinformation,however,acompletefinancingcontractisnotpossible(AghionandBolton,1992).Instead,theallocationofboardseatsandothercontrolrightsdetermineswhogetstodecidefutureinvestmentandoperatingdecisio
3、nsleftoutofthecontract.Ifonepartyholdsamajorityoftheboardseatsitcanusethispositionopportunistically,causingthefirmtopursueactionswhichbenefititattheexpenseofthefirm’saggregatewelfare.Thefinancialcontractingliteraturesuggeststwopartial,butimperfect,solutionstothisproblem:renegotiati
4、on(Coase,1960;GrossmanandHart,1986),andstate-contingentcontrol(AghionandBolton,1992;DewatripontandTirole,1994).Whilethereisevidencethatprivatefirmssometimesuserenegotiation(BroughmanandFried,2007)andstate-contingentcontrol(KaplanandStromberg,2003),bothsolutionsarelimitedinvariousre
5、spectsandneithercanfullyremovetheriskofholdup.Inthisarticle,Imodelanalternativesolutiontothisproblem,basedonagovernancearrangementfrequentlyusedinfirmsfinancedbyventurecapital(‘VC’).Inastudydocumentingover200roundsofVCfinancing,KaplanandStromberg(2003)findthatafirm’sVCinvestorscont
6、roltheboard25%ofthetime,andtheentrepreneurscontroltheboardonly14%ofthetime.Intheremainingfirms,61%oftheirsample,neithertheentrepreneursnortheinvestorscontrolthefirm.Instead,controloftheboardissharedwiththird-partyindependentdirectorsholdingthetie-breakingvote(s).Ifocusontheincentiv
7、escreatedbythisformof6sharedcontrol.Tomodelthisarrangement,Iconsideraboardwiththreedirectors:oneentrepreneur,oneinvestor,andoneindependentdirector.ID-arbitrationhasbeenoverlookedbythefinancialcontractingliterature.Theliteraturetreatscontrolas“anindivisiblerightthatcanbeheldatanygiv
8、entimebyonlyoneparty”(Kiri
