风险融资中的影子资本:选择、估值和退出动态

IF 2.1 2区 经济学 Q2 BUSINESS, FINANCE
Douglas Cumming , Na Dai
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引用次数: 0

摘要

非风险资本私募股权基金(PE)对投资创业企业的兴趣与日俱增。与风险投资相比,我们研究了私募股权基金的投资方式和表现,以及私募股权基金的参与对创业企业的影响。我们的研究表明,私募股权基金更倾向于在典型投资期之后和存在大量资本悬置的情况下投资创业企业。私募股权投资偏好扩张期和晚期风险企业。在 PE 参与的情况下,投资规模和估值会更大或更高。我们还发现,在有 PE 投资的风险企业中,IPO 和二次收购更为普遍。私募股权投资的参与也使风险企业有更多时间为退出做好准备。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Shadow capital in venture financing: Selection, valuation, and exit dynamic

Non-venture capital private equity funds (PEs) have become increasingly interested in investing in entrepreneurial firms. We investigate how PEs invest and perform in comparison to VCs, and the implication of PEs’ participation on ventures. We show that PEs are more likely to invest in ventures after typical investment period and when there was substantial capital overhang. PEs prefer the expansion and late-stage ventures. Investment size and valuation are larger/higher with PEs’ participation. We further find that IPOs and secondary buyout are more prevalent among ventures with PE investments. PEs’ participation also allows ventures more time to get ready for exit.

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来源期刊
CiteScore
3.40
自引率
3.80%
发文量
59
期刊介绍: The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.
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