风险投资与创业集聚

IF 7.6 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2025-04-01 DOI:10.1111/jofi.13451

JUN CHEN, MICHAEL EWENS

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引用次数: 0

摘要

本文探讨了风险投资在高成长创业公司地理集聚中的作用。我们利用了一项规则变化，通过限制银行投资于资产类别，对历史上缺乏风险投资的美国地区产生了不成比例的影响。风投对该规则的敞口每增加一个标准差，就会导致基金规模下降20%，筹集后续基金的可能性降低10%。创业公司并没有完全得到缓冲：融资和估值都有所下降。在规则改变后，初创公司也搬出了受影响的州，这可能加剧了现有的创业地域差异。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Venture Capital and Startup Agglomeration

This paper examines venture capital's (VC) role in the geographic clustering of high-growth startups. We exploit a rule change that disproportionately impacted U.S. regions that historically lacked VC financing via a restriction of banks to invest in the asset class. A one-standard-deviation increase in VCs' exposure to the rule led to a 20% decline in fund size and a 10% decrease in the likelihood of raising a follow-on fund. Startups were not wholly cushioned: financing and valuations declined. Startups also moved out of impacted states after the rule change, likely exacerbating existing geographic disparity in entrepreneurship.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.