【摘要】 当前,风险投资活动大多采用多轮投资的方式。如何在可能的后轮降价融资情况下保障自己的股份价值不被稀释,是防稀释条款的主要功能。但严厉的防稀释条款会对创业企业家造成损害,进而影响风险投资机构的利益。风险投资机构在设立防稀释条款时应避免设置完全棘轮条款,争取设置止损触发式期权和设置防稀释条款失效条款来激发创业企业家的创业激情;创业企业家则应争取设立"持续融资"条款和完善例外事项条款来抵消防稀释条款的消极作用。更多还原

【Abstract】 Currently,venture capital activities are multi-round investments.The main functions of Anti-dilution Provision are how to protect the value not been diluted shares in Down Round.But,the strict Anti-dilution Provision,may cause damage to the entrepreneur,and affect the interests of venture capital institutions.Venture capital institutions should avoid setting Full-ratchet anti-dilution protection,and take measures to stimulate the entrepreneurial passion of entrepreneur.Entrepreneurs should take measures to dilute the provisions of Anti-dilution Provision.更多还原