Bridge Building in Venture Capital-Backed Acquisitions
Bridge Building in Venture Capital-Backed Acquisitions
复制标题
搭建风险投资支持收购的桥梁
DOI：
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发表时间：
2009
期刊：
影响因子：
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通讯作者：
Yuhai Xuan
中科院分区：
文献类型：
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作者：
Paul A. Gompers;Yuhai Xuan
我们研究了普通风险资本投资者在减轻公共收购方与私人风险资本支持的目标之间信息不对称方面的作用。我们发现，对于目标公司和收购方均由同一家风险投资公司资助的收购，收购公告的回报更为积极。同样，拥有共同投资者会增加交易全部由股权融资的可能性以及发生收购的可能性。我们的研究结果表明，共同的风险资本投资者可以在收购公司和目标公司之间架起一座桥梁，减少双方交易相关的信息不对称。
We study the role of common venture capital investors in alleviating asymmetric information between public acquirers and private venture capital-backed targets. We find that acquisition announcement returns are more positive for acquisitions in which both the target and the acquirer are financed by the same venture capital firm. Similarly, having a common investor increases the likelihood that a transaction will be all equity-financed and the likelihood that an acquisition will take place. Our results suggest that common venture capital investors can form a bridge between acquiring and target firms that reduces asymmetric information associated with the transaction for both parties.