VC的美国历史有多独特?

IF 11.5 1区 经济学 Q1 ECONOMICS
Arthur Korteweg, Berk Sensoy
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引用次数: 1

摘要

汤姆·尼古拉斯的《风险投资:美国历史》为美国专业风险投资(VC)的发展提供了一部引人注目的编年史——从18世纪的棉花制造业和19世纪的捕鲸业等类似风险投资的先祖,一直到千禧年之交的现代风险投资市场。这本书强调了美国在风险投资方面的持久优势,这是这些早期发展的结果,也是投资于高风险新企业的长尾回报的实用治理解决方案。在本文中,我们讨论了16世纪和17世纪荷兰共和国香料贸易航行中类似的历史先例和治理安排,对早期美国VC祖先的独特性提出了质疑。此外,长尾回报远不是早期风险投资的显著特征,甚至在上市股票中也存在,这表明风险投资的治理结构不仅仅是回报的分配。我们的结论是,美国主导当代风险投资的原因尚不清楚。接着书中遗漏的部分,我们总结了21世纪风险投资的事实和趋势。(凝胶g24, m13, n20, o16, o31)
本文章由计算机程序翻译,如有差异,请以英文原文为准。
How Unique is VC’s American History?
VC: An American History, by Tom Nicholas, offers a compelling chronicle of the development of professional venture capital (VC) in the United States—from VC-like fore-bearers as diverse as eighteenth-century cotton manufacturing and nineteenth-century whaling up to the state of the modern VC market at the turn of the millennium. The book emphasizes America’s enduring advantage in VC as a consequence of these early developments and as a practical governance solution for investing in the long-tailed returns of risky new ventures. In this essay we discuss similar historical precedent and governance arrangements in the spice-trading voyages of the sixteenth- and seventeenth-century Dutch Republic, calling into question the uniqueness of early American VC ancestors. Moreover, far from being a distinguishing feature of early ventures, long-tailed returns exist even in public equities, suggesting that the VC governance structure is about more than the distribution of returns. We conclude that the reasons for American dominance of contemporary VC remain unclear. Picking up where the book leaves off, we summarize facts and trends in twenty-first-century VC. (JEL G24, M13, N20, O16, O31)
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来源期刊
CiteScore
17.80
自引率
0.80%
发文量
49
期刊介绍: Commencing in 1969, the Journal of Economic Literature (JEL) serves as a vital resource for economists, offering a means to stay informed about the extensive literature in the field. Each JEL issue features commissioned, peer-reviewed survey and review articles, book reviews, an annotated bibliography categorizing new books by subject, and an annual index of dissertations from North American universities.
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