世界各地的风险资本投资、合并活动和竞争法

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2023-11-29 DOI:10.1093/rcfs/cfad025

Gordon M Phillips, Alexei Zhdanov

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引用次数: 0

摘要

本文研究了全球45个国家的风险投资、并购活动和并购竞争法之间的关系。我们发现了风险投资与滞后并购活动之间存在强烈正相关的证据，这与活跃的并购市场为风险投资公司提供了可行的退出机会，从而激励风险资本家进行投资是一致的。我们还探讨了国家层面的并购竞争法和国际上通过的支持收购的立法对风险投资活动的影响。我们发现，在竞争法更严格的国家，风险投资活动显著减少，并发现在国家级收购友好立法颁布后，风险投资活动加剧。(凝胶g15, g24, d43, k21, l26)

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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Venture Capital Investments, Merger Activity, and Competition Laws around the World

We examine the relation between venture capital (VC) investments, M&A activity, and merger competition laws in 45 countries around the world. We find evidence of a strong positive association between VC investments and lagged M&A activity, consistent with an active M&A market providing viable exit opportunities for VC companies and therefore incentives for venture capitalists to invest. We also explore the effects of country-level merger competition laws and pro-takeover legislation passed internationally on VC activity. We find significant reductions in VC activity in countries with stricter competition laws and find that VC activity intensifies after the enactment of country-level takeover-friendly legislation. (JEL G15, G24, D43, K21, L26)

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来源期刊

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.