首次公开募股后的风险投资所有权：风险投资何时、为何、如何退出？

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-05-28 DOI:10.1111/jfir.12412

Anup Basnet, Kuntara Pukthuanthong, Harry Turtle, Thomas Walker

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引用次数: 0

摘要

我们研究了领头风险投资公司（VC）在其投资组合公司（PC）公开上市后所有权的演变。我们发现，领头风险投资公司在首次公开募股后平均保留股份三年。较高的流动性压力和较好的股市表现会导致风险投资更快地退出，而较高的风险投资声誉、较好的风险投资监控和较高质量的个人电脑则会导致较慢的退出。风险投资公司大多通过公开市场销售、股份分配和并购来剥离股份。较高的流动性压力促使风险投资公司采用多数股权分配的方式，而较好的股市表现则使其更倾向于连续出售。

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VC ownership post‐IPO: When, why, and how do VCs exit?

We examine the evolution of lead venture capital firm (VC) ownership after their portfolio companies (PCs) are publicly listed. We find that, on average, lead VCs retain their shares for three years post‐IPO. Higher liquidity pressure and better stock market performance lead to faster VC exits, while higher VC reputation, better VC monitoring, and higher quality PCs lead to slower exits. VCs mostly use sales in the open market, share distributions, and mergers and acquisitions to divest their shares. Higher liquidity pressure incentivizes VCs to use majority share distributions, while better stock market performance increases their preference for continuous sales.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.