The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms
The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms
复制标题
DOI：
10.1093/rof/rfr019
复制
发表时间：
2012
影响因子：
4.4
通讯作者：
X. Tian
中科院分区：
文献类型：
--
作者：
X. Tian
本文提供的证据表明，风险投资（VC）银团创造价值的创业企业在两个维度。首先，风险投资联合为他们的投资组合公司创造产品市场价值。具体来说，风险投资财团在较年轻的公司、较早的融资回合和早期阶段的公司中投资了大量资金。此外，风险投资集团培育其投资组合公司的创新，并帮助他们实现更好的首次公开募股后的经营业绩。第二，风险投资联合为其投资组合公司创造金融市场价值。具体而言，风险投资财团支持的公司更有可能成功退出，享受较低的首次公开募股（IPO）抑价，并获得较高的IPO市场估值。研究结果是强大的各种替代联合的措施，子样本，计量经济模型，并控制风险投资联合的endoadministration。
This paper provides evidence that venture capital (VC) syndication creates value for entrepreneurial firms in two dimensions. First, VC syndication creates product market value for their portfolio firms. Specifically, VC syndicates invest significant amounts in younger firms, in earlier financing rounds, and in early stage firms. Further, VC syndicates nurture innovation of their portfolio firms and help them achieve better post-initial public offering operating performance. Second, VC syndication creates financial market value for their portfolio firms. Specifically, VC syndicate-backed firms are more likely to have a successful exit, enjoy a lower initial public offering (IPO) underpricing, and receive a higher IPO market valuation. The findings are robust to a variety of alternative syndication measures, subsamples, econometric models, and controlling for endogeneity in VC syndication.