可扩展性、风险资本可用性和独角兽:来自ipo估值和时机的证据

IF 7.7 1区管理学 Q1 BUSINESS

Journal of Business Venturing Pub Date : 2023-11-17 DOI:10.1016/j.jbusvent.2023.106345

Deepak Somaya , Jingya You

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引用次数: 0

摘要

越来越多的高估值初创企业(如独角兽)为创业研究提出了一些基本问题。我们假设风险的可扩展性和风险投资的可用性可以解释创业公司的IPO估值(和时机)。高度可扩展的企业不仅可能抓住非常大的市场机会，而且它们的扩展策略也可能受到上市公司所面临的治理和监管负担的限制。因此，我们假设并发现更多可扩展的企业以更高的估值进行ipo，这与风险投资的可用性呈正相关。高度可扩展的初创公司也会推迟ipo，但只有在风投资金充足的情况下。

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Scalability, venture capital availability, and unicorns: Evidence from the valuation and timing of IPOs

The growing phenomenon of highly valued startups (e.g., unicorns) poses fundamental questions for entrepreneurship research. We posit that venture scalability and VC funding availability may explain startups' IPO valuations (and timing). Highly scalable ventures may not only capture very large market opportunities, but their scaling strategies may also be constrained by the governance and regulatory burdens faced by public firms. Accordingly, we hypothesize and find that more scalable ventures undertake IPOs at higher valuations, which is positively moderated by VC funding availability. Highly scalable startups also delay their IPOs for longer but only when VC funding availability is high.

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来源期刊

Journal of Business Venturing BUSINESS-

CiteScore

16.70

自引率

6.90%

发文量

审稿时长

77 days

期刊介绍： The Journal of Business Venturing: Entrepreneurship, Entrepreneurial Finance, Innovation and Regional Development serves as a scholarly platform for the exchange of valuable insights, theories, narratives, and interpretations related to entrepreneurship and its implications. With a focus on enriching the understanding of entrepreneurship in its various manifestations, the journal seeks to publish papers that (1) draw from the experiences of entrepreneurs, innovators, and their ecosystem; and (2) tackle issues relevant to scholars, educators, facilitators, and practitioners involved in entrepreneurship. Embracing diversity in approach, methodology, and disciplinary perspective, the journal encourages contributions that contribute to the advancement of knowledge in entrepreneurship and its associated domains.