区分成功的风险投资退出战略：风险企业获得首次融资后的时间和美国风险投资公司在跨国银团中的实力的影响

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-11-01 DOI:10.1016/j.irfa.2024.103758

Kanhaiya K. Sinha , Sanjay Goel , Nga Nguyen

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引用次数: 0

摘要

在本研究中，我们认为风险投资公司跨境投资的成功退出结果（贸易销售（TS）或首次公开募股（IPO））受风险企业自获得首次融资以来的时间（TSFFR）的影响。随着 TSFFR 的增加，风险企业会披露更多有关其潜力的信息，从而影响贸易买家和 IPO 买家对其的估值。这反过来又会影响风险投资是通过 TS 还是 IPO 退出。通过分析 1841 对跨境 UC 基金-风险投资配对，我们的研究结果表明，TSFFR 与 TS 的概率呈倒 U 型关系。跨境银团中美国风险投资人的实力与这一关联相互影响，TSFFR 水平越低，TS 退出的概率越低，TSFFR 水平越高，TS 退出的概率越高。

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Differentiating between successful VC exit strategies: The influences of time-since-first-funding-received by the venture and strength of US VCs in cross-border syndicates

In this study, we argue that successful exit outcomes (Trade Sales (TS) or IPO) from VCs' cross-border investments are influenced by time-since-first-funding-received (TSFFR) by the venture. As TSFFR increases, the venture reveals more information about its potential, influencing the value that trade and IPO buyers place on it. This, in turn, influences whether VCs exit via a TS or an IPO. Analyzing 1841 cross-border of UC fund-venture pairs, our findings suggest that TSFFR has an inverted-U-shaped association with the probability of TS. The strength of the US VCs in the cross-border syndicate interacts with this association, reducing the probability of TS exit for lower levels of TSFFR and increasing it for higher levels.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.