风险投资的空间接近性与资产无形性

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-07-11 DOI:10.1016/j.irfa.2025.104464

Xinyue Cai, Peigong Li, Wanwan Zhu

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引用次数: 0

摘要

本研究调查了风险投资基金（vc）和他们的可投资企业之间的投资距离，重点关注无形资产的相关性基于英国的数据。我们发现，资产负债表上无形资产水平较高的投资者从更接近的风险投资基金获得风险投资融资。然而，拥有更多专利的投资者，反映了无形资产的经济价值，从更远的风险投资基金获得风险投资融资。此外，专利对投资距离的正向影响在年轻风投中更为明显。另一方面，注册商标数量仅对处于种子期的非技术投资者的投资距离有正向影响。

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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Spatial proximity in venture capital investments and assets intangibility

This study investigates the investment distance between Venture Capital funds (VCs) and their investable ventures focusing on the relevance of intangible assets based on UK data. We find that investees with a higher level of intangible assets on their balance sheet receive VC finance from more proximate VC funds. However, investees with more patents, reflecting the economic value of intangibles, receive VC finance from more distant VC funds. Moreover, the positive effects of patents on investment distance are stronger for younger VCs. On the other hand, the number of registered trademarks only positively affects investment distance for non-tech investees at the seed stage.

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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.