The Interaction between Product Market and Financing Strategy: The Role of Venture Capital
The Interaction between Product Market and Financing Strategy: The Role of Venture Capital
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DOI：
10.2139/ssrn.173655
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发表时间：
1999-05
期刊：
影响因子：
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通讯作者：
Thomas Hellmann;M. Puri
中科院分区：
文献类型：
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作者：
Thomas Hellmann;M. Puri
风险资本融资被广泛认为对新的创新公司具有影响力。我们提供的经验证据表明，风险资本融资与产品市场战略和初创企业的成果。使用一个独特的手工收集的硅谷高科技初创企业的数据库，我们发现，创新的公司更有可能获得风险资本比模仿的公司。风险资本还与将产品推向市场的时间大幅缩短有关，特别是对创新者而言。我们的研究结果表明投资者类型和产品市场维度之间存在显着的相互关系，以及风险投资对创新型公司的作用。牛津大学出版社代表金融研究学会在其期刊《金融研究评论》上发表的文章。
Venture capital financing is widely believed to be influential for new innovative companies. We provide empirical evidence that venture capital financing is related to product market strategies and outcomes of start-ups. Using a unique hand-collected database of Silicon Valley high-tech start-ups we find that innovator firms are more likely to obtain venture capital than imitator firms. Venture capital is also associated with a significant reduction in the time to bring a product to market, especially for innovators. Our results suggest significant interrelations between investor types and product market dimensions, and a role of venture capital for innovative companies. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.