风险投资的均衡规模和附加值

IF 7.6 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2024-02-14 DOI:10.1111/jofi.13313

FRANCESCO SANNINO

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引用次数: 0

摘要

我模拟了创业者在风险资本市场的高附加值和低附加值领域之间的正向排序。为了吸引高素质的创业者，许多风险资本家（VCs）通过组建小型投资组合来提供高附加值。这吸引了低附加值领域的边缘创业者，也降低了高附加值领域的匹配质量。这就是投资不足。可能会出现多个均衡点，它们的总投资各不相同。该模型合理地解释了创业投资回报和增值在筹资 "浪潮 "中以及创业成本下降时的情况，并对风险资本的规模和增值做出了未经验证的预测。

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The Equilibrium Size and Value-Added of Venture Capital

I model positive sorting of entrepreneurs across the high and low value-added segments of the venture capital market. Aiming to attract high-quality entrepreneurs, inefficiently many venture capitalists (VCs) commit to provide high value-added by forming small portfolios. This draws the marginal entrepreneur away from the low value-added segment, reducing match quality in the high value-added segment too. There is underinvestment. Multiple equilibria may emerge, and they differ in aggregate investment. The model rationalizes evidence on VC returns and value-added along fundraising “waves” and when the cost of entrepreneurship falls, and generates untested predictions on the size and value-added of venture capital.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.