初创企业大抛售与寡头垄断的兴起

Florian Ederer, Bruno Pellegrino
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引用次数: 3

摘要

我们记录了从首次公开募股到收购风险资本支持的初创企业的长期转变,并表明在过去的四分之一世纪里,这一趋势伴随着上市的机会成本的增加。在面向初创企业的企业控制市场上异常活跃的主导企业,在同一时期变得更加不受产品市场竞争压力的影响。这些事实与初创企业收购助长了寡头垄断力量上升的假设是一致的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Great Start-up Sellout and the Rise of Oligopoly
We document a secular shift from initial public offerings to acquisitions of venture capital-backed start-ups and show that this trend is accompanied by an increase in the opportunity cost of going public over the last quarter-century. Dominant companies that are disproportionately active in the corporate control market for start-ups have become more insulated from the pressures of product market competition over the same period. These facts are consistent with the hypothesis that start-up acquisitions have contributed to rising oligopoly power.
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