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决策能力、风险偏好与风险资本 总被引:4,自引:0,他引:4
本文根据资产组合选择理论和资本资产定价模型的思想内核 ,通过引入“最佳预期”概念 ,分析了资本市场效率、投资者决策能力和风险偏好对投资收益的影响 ,得出在完善市场上 ,投资收益主要取决于投资者的风险偏好 ,在不完善市场上 ,投资收益则取决于投资者的决策能力和风险偏好。通过进一步分析风险资本市场的特性 ,讨论了决策能力和风险偏好在风险资本形成中的作用。研究表明 :风险资本是一种融财务资本、人力资本、声誉资本为一体的复合型资本 ,其高额收益源于风险投资者的人力资本。本文的一些发现为解释风险投资领域有关普遍现象提供了新的视角 相似文献
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GIORGIA PIACENTINO 《The Journal of Finance》2019,74(3):1261-1314
I show that venture capitalists' motivation to build reputation can have beneficial effects in the primary market, mitigating information frictions and helping firms go public. Because uninformed reputation‐motivated venture capitalists want to appear informed, they are biased against backing firms—by not backing firms, they avoid taking low‐value firms to market, which would ultimately reveal their lack of information. In equilibrium, reputation‐motivated venture capitalists back relatively few bad firms, creating a certification effect that mitigates information frictions. However, they also back relatively few good firms, and thus, reputation motivation decreases welfare when good firms are abundant or profitable. 相似文献
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We investigate the role of labor unions in the performance of venture capital (VC)‐backed firms. Using a large sample of initial public offering firms from 1983 to 2013, we find that VC‐backed firms in highly unionized industries have lower Tobin's Q and are less likely to survive. This effect is robust to endogeneity concerns and to controlling for industry and firm characteristics. The findings suggest that strong labor rights impede innovative firms’ performance and survival, thereby adversely affecting innovation, economic growth, and employment. 相似文献
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PAUL A. GOMPERS 《The Journal of Finance》1995,50(5):1461-1489
This paper examines the structure of staged venture capital investments when agency and monitoring costs exist. Expected agency costs increase as assets become less tangible, growth options increase, and asset specificity rises. Data from a random sample of 794 venture capital-backed firms support the predictions. Venture capitalists concentrate investments in early stage and high technology companies where informational asymmetries are highest. Decreases in industry ratios of tangible assets to total assets, higher market-to-book ratios, and greater R&D intensities lead to more frequent monitoring. Venture capitalists periodically gather information and maintain the option to discontinue funding projects with little probability of going public. 相似文献
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《会计研究》2017,(8)
风险资本在促进经济转型和企业可持续发展中有重要作用。现有研究主要集中在风险资本对改善公司治理、提高投资效率等整体性影响,尚未深入到具体投资活动。本文以A股公司为样本,基于投资偏好,考察风险资本改善企业投资效率的内在方式。结果发现,有风险资本参与的企业长期投资强度更高而短期交易水平显著降低,尤其是资本性支出显著高于没有风险资本参与的企业;并且在制度效率较好的地区,上述影响更为明显;联合投资方式和风险资本的国有背景,均能对长期投资强度产生显著正向影响,但没有证据表明外资背景的风险资本具有显著影响投资决策的能力。考察风险资本对成熟企业投资偏好的影响,为探索风险资本促进传统产业转型升级提供了可行方向。 相似文献
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Jerry Coakley Leon Hadass Andrew Wood 《Journal of Business Finance & Accounting》2007,34(9-10):1423-1446
Abstract: We analyse the post-issue operating performance of 316 venture-backed and 274 non-venture UK IPOs 1985–2003. The finding of a statistically significant five-year, operational decline exhibited over the full sample period is not robust. Rather it is driven by the dramatic underperformance during the 1998–2000 bubble years while IPOs perform normally in the remaining years. Cross-section regression results indicate support for venture capital certification in the non-bubble years but a significantly negative relationship between operating performance and venture capitalist board representation during the bubble years. The bubble year underperformance is explained by market timing and by low quality companies taking advantage of investor sentiment. 相似文献
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创业投资与产业投资组织结构比较研究 总被引:1,自引:0,他引:1
鲍荣富 《上海金融学院学报》2004,(5):53-57
从组织结构来看,创业投资对传统的产业投资组织理论提出了挑战。理论研究主要集中在三个方面:委托代理理论、投融资理论与法人治理结构。从实证角度来看,传统产业投资与创业投资组织结构模式有不同的选择,这也决定了两者不同的绩效。比较国内创业投资与产业投资组织结构模式的不同选择。提出了一些建议。 相似文献
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Public Policy for Venture Capital 总被引:10,自引:0,他引:10
This paper proposes a simple partial equilibrium model to investigate the effects of government policy on venture capital backed investments. Giving up an alternative career, entrepreneurs focus their effort on a single, high risk venture each. Venture capitalists acquire an equity stake and offer a base salary as well. In addition to providing incentive compatible equity finance, they support the venture with managerial advice to raise survival chances. We analyze several policy measures addressed at venture capital activity: government spending on entrepreneurial training, subsidies to equipment investment, and output subsidies at the production stage. While these measures stimulate entrepreneurship, only cost-effective government services can improve welfare. 相似文献
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We examine syndication in venture capital (VC) investments between 1980 and 2005. We argue that VC firms syndicate investments to mitigate human capital and financial constraints within individual VC firms and to reduce uncertainty about firm value. Our results are consistent with those arguments. We find that syndication is more likely for firms in the earliest stage of development and firms in the last stage of development as private firms (when human capital investments are greatest), for firms requiring the largest amounts of financial capital, and for firms with greater growth opportunities (those that are most difficult to value). 相似文献
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This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments. 相似文献
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Taxation and Venture Capital Backed Entrepreneurship 总被引:2,自引:0,他引:2
In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as well as subsidies to start-up costs of new firms affect venture capital backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important consequences for start-up firms as well. 相似文献
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Convertible Securities and Venture Capital Finance 总被引:28,自引:0,他引:28
Klaus M. Schmidt 《The Journal of Finance》2003,58(3):1139-1166
This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash‐flow rights as a function of the state of the world and the entrepreneur's effort. This property can be used to induce the entrepreneur and the venture capitalist to invest efficiently into the project. The result is robust to renegotiation and to changes in the timing of investments and information flows. The model is consistent with the observations that conversion is often automatic and that convertible securities are rarely used by outside investors. 相似文献