风险资本退出的动态持续时间方法

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-08-22 DOI:10.1016/j.frl.2024.105931

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引用次数: 0

摘要

本研究探讨了相关的多阶段融资在多大程度上解释了风险投资退出速度的变化。我将风险资本匹配置于多变量生存环境中。我利用 SDC Platinum-VentureXpert （1990-2000 年）构建了一个新生创业者面板，并用它来估计模型。我发现不同融资阶段之间存在明显的相关性。市场效应是解释风险投资退出系统性变化的最重要因素，而消除未观察到的异质性则可解释约三分之一的变化。假定风险资本退出是由静态风险敞口或仅由可观测因素驱动的传统估计值存在向上偏差。

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A dynamic duration approach to venture capital exit

This study explores the extent to which correlated multiple stage funding explains variation in the speed of venture exit. I cast venture capital matches in a multivariate survival setting. I construct a panel of nascent entrepreneurs using SDC Platinum-VentureXpert (1990–2000) and use it to estimate the model. I find significant correlation across funding stages. Market effects is the most important factor in explaining the systematic variation in venture exits, while eliminating unobserved heterogeneity explains about a third of the variation. Conventional estimates that assume venture capital exits being driven by static exposure or by observable factors alone are upward biased.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance