再看诱饵:风险资本家分阶段投资中对上行潜力与下行风险的关注

IF 7.8 1区 管理学 Q1 BUSINESS
Bin Hao, Yanan Feng, Hongbin Tan, Mingzhu Ye
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引用次数: 0

摘要

本研究探讨了风险投资家(VC)如何平衡不同投资阶段的上升潜力和下降风险。借鉴基于注意力的观点,我们提出了一种情景注意力机制--即投资阶段是影响风险投资人对不同风险维度的注意力分配的一种情景考虑因素。我们认为,不同的阶段情况会促使风险投资公司在初始阶段优先考虑上行潜力,而在随后阶段则优先考虑下行风险。因此,风险投资公司最初可能会青睐高风险项目,但随后又会贬低其价值。我们进一步提出,这些影响取决于市场上风险投资公司的数量、初创企业的成熟度以及风险投资公司的注意力限制。我们的实证结果支持我们的预测。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Taking a Second Look at the Bait: Attention to Upside Potential Versus Downside Risk in Venture Capitalists’ Staged Investment
This study investigates how venture capitalists (VCs) balance upside potential and downside risk across investment stages. Drawing on the attention-based view, we propose a situated attention mechanism—that is, the investment stage represents a situational consideration affecting VC’s attention allocation to different risk dimensions. We argue that varying staging situations drive VCs to prioritize upside potential in the initial stage yet downside risk in the subsequent stage. As such, VCs may initially favor a risky project, but subsequently devalue it. We further propose that these effects are contingent on number of VCs on market, start-up maturity, and VC attention constraints. Our empirical results support our predictions.
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来源期刊
CiteScore
19.00
自引率
12.40%
发文量
56
期刊介绍: Entrepreneurship Theory and Practice (ETP) is an interdisciplinary scholarly journal dedicated to conceptual and empirical research that advances, tests, or extends theory relating to entrepreneurship in its broadest sense. Article Topics: Topics covered in ETP include, but are not limited to: New Venture Creation, Development, Growth, and Performance Characteristics, Behaviors, and Types of Entrepreneurs Small Business Management Family-Owned Businesses Corporate, Social, and Sustainable Entrepreneurship National and International Studies of Enterprise Creation Research Methods in Entrepreneurship Venture Financing Content: The journal publishes articles that explore these topics through rigorous theoretical development, empirical analysis, and methodological innovation. ETP serves as a platform for advancing our understanding of entrepreneurship and its implications for individuals, organizations, and society.
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