Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices
Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices
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DOI：
10.1016/j.jcorpfin.2019.05.009
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发表时间：
2019-10-01
影响因子：
6.1
通讯作者：
Andres, Rene
中科院分区：
文献类型：
--
作者：
Block, Joern;Fisch, Christian;Andres, Rene
我们采用实验性联合分析方法调查了 749 家私募股权投资者的投资标准，区分了家族办公室、天使投资人、风险投资基金、成长型股权基金和杠杆收购基金。我们的结果表明，收入增长是最重要的投资标准，其次是产品/服务的增值、管理团队的业绩记录和盈利能力。关于不同投资者类型的差异，我们发现，与商业天使和风险投资基金相比，家族办公室、成长型股权基金和杠杆收购基金对盈利能力的重视程度更高。反过来，风险投资基金更关注公司的收入增长、商业模式和当前投资者。通过这些结果，我们的研究加深了我们对不同类型私募股权投资者如何做出投资决策的理解，为公司金融文献做出了贡献。
We use an experimental conjoint analysis to investigate the investment criteria of 749 private equity investors, distinguishing between family offices, business angels, venture capital funds, growth equity funds, and leveraged buyout funds. Our results indicate that revenue growth is the most important investment criterion, followed by the value-added of product/service, the management team's track record, and profitability. Regarding differences across investor types, we find that family offices, growth equity funds, and leveraged buyout funds place a higher value on profitability as compared to business angels and venture capital funds. Venture capital funds, in turn, pay more attention to companies' revenue growth, business models, and current investors. With these results, our study contributes to the corporate finance literature by deepening our understanding of how different types of private equity investors make investment decisions.