{"title":"有限合伙人对风险投资基金回报的贡献：新手与老手","authors":"Khaled Abdou, Paramita Gupta","doi":"10.1108/mf-10-2023-0606","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>This study aims to investigate limited partners’ (LPs) influence on venture capital (VC) fund returns.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>We merge data from Preqin and SDC’s VentureXpert spanning from 1993 to 2014 and conduct multiple regression analysis to examine the influence of LPs on VC fund performance. Additionally, we conduct three distinct robustness tests to verify the credibility of our findings.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>Our empirical analysis demonstrates that newbie LPs consistently exert a significant positive influence on VC fund returns.</p><!--/ Abstract__block -->\n<h3>Research limitations/implications</h3>\n<p>VC and LP data is self-reported, and there is no comprehensive dataset as some LPs prefer to maintain anonymity.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>Extant literature on LPs’ contribution to VC fund performance is limited. The general assumption is that the role of LPs in VC fund performance is confined to funding. We introduce a new variable, LP track record, as a proxy for LP experience to examine if this variable influences VC performance.</p><!--/ Abstract__block -->","PeriodicalId":18140,"journal":{"name":"Managerial Finance","volume":"45 1","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2024-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Limited partners’ contribution to venture capital fund returns: newbies versus experienced\",\"authors\":\"Khaled Abdou, Paramita Gupta\",\"doi\":\"10.1108/mf-10-2023-0606\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This study aims to investigate limited partners’ (LPs) influence on venture capital (VC) fund returns.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>We merge data from Preqin and SDC’s VentureXpert spanning from 1993 to 2014 and conduct multiple regression analysis to examine the influence of LPs on VC fund performance. Additionally, we conduct three distinct robustness tests to verify the credibility of our findings.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>Our empirical analysis demonstrates that newbie LPs consistently exert a significant positive influence on VC fund returns.</p><!--/ Abstract__block -->\\n<h3>Research limitations/implications</h3>\\n<p>VC and LP data is self-reported, and there is no comprehensive dataset as some LPs prefer to maintain anonymity.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>Extant literature on LPs’ contribution to VC fund performance is limited. The general assumption is that the role of LPs in VC fund performance is confined to funding. We introduce a new variable, LP track record, as a proxy for LP experience to examine if this variable influences VC performance.</p><!--/ Abstract__block -->\",\"PeriodicalId\":18140,\"journal\":{\"name\":\"Managerial Finance\",\"volume\":\"45 1\",\"pages\":\"\"},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2024-04-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Managerial Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/mf-10-2023-0606\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Managerial Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/mf-10-2023-0606","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Limited partners’ contribution to venture capital fund returns: newbies versus experienced
Purpose
This study aims to investigate limited partners’ (LPs) influence on venture capital (VC) fund returns.
Design/methodology/approach
We merge data from Preqin and SDC’s VentureXpert spanning from 1993 to 2014 and conduct multiple regression analysis to examine the influence of LPs on VC fund performance. Additionally, we conduct three distinct robustness tests to verify the credibility of our findings.
Findings
Our empirical analysis demonstrates that newbie LPs consistently exert a significant positive influence on VC fund returns.
Research limitations/implications
VC and LP data is self-reported, and there is no comprehensive dataset as some LPs prefer to maintain anonymity.
Originality/value
Extant literature on LPs’ contribution to VC fund performance is limited. The general assumption is that the role of LPs in VC fund performance is confined to funding. We introduce a new variable, LP track record, as a proxy for LP experience to examine if this variable influences VC performance.
期刊介绍：
Managerial Finance provides an international forum for the publication of high quality and topical research in the area of finance, such as corporate finance, financial management, financial markets and institutions, international finance, banking, insurance and risk management, real estate and financial education. Theoretical and empirical research is welcome as well as cross-disciplinary work, such as papers investigating the relationship of finance with other sectors.
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