Do local and international venture capitalists play well together? The complementarity of local and international venture capitalists
Do local and international venture capitalists play well together? The complementarity of local and international venture capitalists
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DOI：
10.1016/j.jbusvent.2016.07.002
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发表时间：
2016-09-01
影响因子：
8.7
通讯作者：
Krishnan, Karthik
中科院分区：
文献类型：
--
作者：
Chemmanur, Thomas J.;Hull, Tyler J.;Krishnan, Karthik
我们发现，由国际和本地风险投资家组成的财团支持的新兴国家的创业公司比纯粹由国际或纯粹本地风险投资家组成的财团支持的创业公司有更成功的退出和更高的IPO后经营业绩。我们使用工具变量分析和自然实验来控制国际风险投资的潜在内生参与和联合组织，并发现国际风险投资参与对成功结果的因果影响。由于距离创业公司较远，国际风险投资公司在投资中面临劣势。将国家之间的航空服务协议视为有效距离的外生变化，我们发现，当两国之间的旅行变得更加便捷时，由国际风险投资支持的创业公司会更加成功。总体而言，我们的结果表明，国际风险投资家更丰富的风险投资专业知识以及当地风险投资家的卓越本地知识和较低的监控成本对于获得成功的投资结果都很重要。 (C) 2016 Elsevier Inc. 保留所有权利。
We find that entrepreneurial firms in emerging nations backed by syndicates composed of international and local venture capitalists have more successful exits and higher post-IPO operating performance than those backed by syndicates of purely international or purely local venture capitalists. We control for the potential endogenous participation and syndication by international VCs using instrumental variables analyses and a natural experiment and find a causal effect of international VC participation on successful outcomes. International VCs face disadvantages in their investments due to the lack of proximity to the entrepreneurial firm. Using air service agreements between countries as an exogenous change in effective proximity, we find that entrepreneurial firms backed by international VCs are more successful when travel becomes easier between the two countries. Overall, our results indicate that the greater venture capital expertise of international venture capitalists and the superior local knowledge and lower monitoring costs of local venture capitalists are both important in obtaining successful investment outcomes. (C) 2016 Elsevier Inc. All rights reserved.