Subject. The article investigates conditions determining the exit scenarios of a venture investor from the authorized capital of high-tech companies at the early stages of development. Objectives. The purpose is to determine the possibility of forming a company's equity structure using multi-voting shares under the control of a venture fund to provide the Russian economy with a large volume of long-term investments and increase financial stability. Methods. The study employs general scientific research methods, including generalization, argumentation, analysis, synthesis, and classification. Results. The paper presents a classification of venture investors by subject of investment activity, enabling to identify distinctive characteristics of each group. I built an "event tree", estimating the probability of fulfilling the scenario of a venture investor's exit from the authorized capital of companies. I also considered individual advantages of multi-voting shares that are of interest to venture capital investors. Based on the option component of a multi-voting share, the study offers a criterion for venture investor exit from the authorized capital of a company, which is financed using the financial instrument in question. Conclusions. The findings confirm the actual short-term nature of venture financing due to the high level of liquidation of legal entities, including bankruptcy proceedings. The proposal to transfer multi-voting shares under the control of institutional investors represented by venture funds is aimed at increasing the chances of effective management of high-tech companies in the early stages of development, which can be integrated into the process of developing a company's financial strategy.
Keywords: venture capital, equity, capital structure, financial instrument, security
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