围绕风险资本的欧洲金融科技业绩驱动因素:探讨创始人经验的作用

IF 3.6 Q1 BUSINESS, FINANCE
Aymen Turki, Robert Rieg
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引用次数: 0

摘要

许多观察家认为,企业家的行业经验推动了成功的新创业公司。然而,每当涉及到金融科技(Fintechs)等颠覆性数字企业时,由于数字公司的跨行业性质,情况可能会有所不同。本研究的目的是解开创始人的金融、银行和信息技术(IT)经验对欧洲金融科技公司在风险投资(VC)方面的表现的影响。基于来自欧洲国家(包括英国)的105家金融科技公司的数据集,这些公司在2006年至2019年期间参与了201轮风险投资,作者采用贝叶斯分位数方法将创始人的经验与确定市场成功(销售回报率)和投资结果(股本回报率)的两项绩效指标联系起来。研究结果表明,金融和it相关经验似乎比银行经验更重要,其影响程度取决于绩效水平和指标。更具体地说,欧洲和英国的金融科技公司更有可能凭借其创始人的金融和IT经验获得市场成功,但这并不一定能为投资者带来更高的回报。这项研究提供了新的证据,表明并非行业经验的所有方面都对数字企业很重要,因为它们必须适合特定的公司、周期和行业。顾名思义,对于金融科技来说,金融和IT经验很重要。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
On performance drivers of European Fintechs around venture capital: exploring the role of founders’ experience
Purpose Many observers believe that industry experience of entrepreneurs drives successful new entrepreneurial firms. However, whenever it comes to disruptive digital ventures such as Financial Technologies (Fintechs), the picture may be different due to the cross-industry nature of digital firms. The purpose of this study is to disentangle the impacts of finance, banking and information technology (IT) experiences of founders on performance of European Fintechs around venture capital (VC) investment. Design/methodology/approach Based on a data set of 105 Fintechs from European countries, including UK, which are involved in 201 VC rounds between 2006 and 2019, the authors adopt a Bayesian quantile approach to link founders’ experience with two performance measures that identify market success (return on sales) and investment outcome (return on equity). Findings The findings indicate that finance and IT-specific experiences seem to matter more often than banking experience and that the extent of their impact depends on level and metric of performance. More specifically, Fintechs in Europe and UK are more able to achieve market success with both finance and IT experiences of their founders, but that does not necessarily transform into higher returns for investors. Originality/value This study provides new evidence that not all aspects of industry experience matter for digital ventures, as they must fit to a certain firm, cycle and industry. For Fintech, as the name says, finance and IT experiences matter.
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来源期刊
CiteScore
4.30
自引率
0.00%
发文量
18
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