Imprinting the economy: The structural power of venture capital

IF 4.6 1区社会学 Q1 ENVIRONMENTAL STUDIES

Environment and Planning A-Economy and Space Pub Date : 2022-11-16 DOI:10.1177/0308518x221136559

Franziska Cooiman

引用次数: 3

Abstract

This article analytically links asset management and the digital economy by analyzing the structural power of venture capital (VC) investors. Therefore, I propose the notion of imprinting, which describes how financial actors, enabled by their structural position, shape businesses according to their specific logic. Concretely, I argue that VCs’ logic is one of assetization, whereby VCs turn startups into assets for themselves and their capital providers. To do so, VCs seek hypergrowth, selecting only companies with the potential to grow fast and large and decouple financial value from business fundamentals. Instead of the threat of exit, VCs establish direct and indirect channels of control: legally, via preferred shareholder rights, board seats, and payout conditionality; and as participatory capital, offering operational advice and access to their network. The article contributes to a nuanced understanding of financial sector power in contemporary capitalism.

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经济烙印:风险资本的结构性力量

本文通过对风险投资投资者结构权力的分析，将资产管理与数字经济联系起来。因此，我提出了印记的概念，它描述了金融行为者如何根据他们的结构地位，根据他们的特定逻辑来塑造企业。具体来说，我认为风投的逻辑是一种资产化的逻辑，风投将创业公司变成自己和资本提供者的资产。为了做到这一点，风投寻求超高速增长，只选择那些有潜力快速增长的公司，并将财务价值与商业基本面脱钩。风投没有威胁退出，而是建立了直接和间接的控制渠道:通过合法方式，通过优先股东权利、董事会席位和支付条件;作为参与性资本，提供运营建议并进入他们的网络。这篇文章有助于细致入微地理解当代资本主义中的金融部门权力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Environment and Planning A-Economy and Space Multiple-

CiteScore

9.50

自引率

9.50%

发文量

100

期刊介绍： Environment and Planning A: Economy and Space is a pluralist and heterodox journal of economic research, principally concerned with questions of urban and regional restructuring, globalization, inequality, and uneven development. International in outlook and interdisciplinary in spirit, the journal is positioned at the forefront of theoretical and methodological innovation, welcoming substantive and empirical contributions that probe and problematize significant issues of economic, social, and political concern, especially where these advance new approaches. The horizons of Economy and Space are wide, but themes of recurrent concern for the journal include: global production and consumption networks; urban policy and politics; race, gender, and class; economies of technology, information and knowledge; money, banking, and finance; migration and mobility; resource production and distribution; and land, housing, labor, and commodity markets. To these ends, Economy and Space values a diverse array of theories, methods, and approaches, especially where these engage with research traditions, evolving debates, and new directions in urban and regional studies, in human geography, and in allied fields such as socioeconomics and the various traditions of political economy.