當給一家創業公司提供可轉債時，怎麼設 cap 是對投融資雙方都最合理的？

12-23

Placing a cap on a convertible loan is effectively deciding on a maximum valuation for if and when the loan converts into equity. In valuation negotiations, what is reasonable (合理) or not is a very subjective matter. Generally, both the founders and the investors should try to find a balance so that (a) the cap is low enough for the investors to have a fair risk-return potential for their investment, and (b) the cap is high enough for the founders to avoid excessive dilution in the current round and additionally hinder the chances of future fundraising.