债权强化对风险投资的影响：来自《统一欺诈转让法》的证据

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-07-23 DOI:10.1016/j.jcorpfin.2025.102854

William L. Megginson , Hyeonjoon Park

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引用次数: 0

摘要

本研究探讨统一欺诈转移法案（UFTA）如何影响风险投资（VC）的投资策略和创业成果。利用1977年至2019年34578家风投支持的创业公司的数据，我们发现，UFTA无意中导致风投投资者优先考虑现有的投资组合公司，而不是新的投资，从而导致更长的融资期限。随后，初创公司更加依赖担保债务，创新成果也会减少。此外，在财政压力加大的情况下，创业公司的违规行为更加频繁，尤其是与就业有关的违规行为。尽管如此，由更有经验的风投支持的初创公司表现出更强的创新表现，更有可能通过首次公开发行（ipo）成功退出。

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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The impact of enhanced creditor rights on venture capital: Evidence from the Uniform Fraudulent Transfer Act

This study investigates how the Uniform Fraudulent Transfer Act (UFTA) shapes venture capital (VC) investment strategies and startup outcomes. Using data on 34,578 VC-backed startups from 1977 to 2019, we find that the UFTA inadvertently leads VC investors to prioritize existing portfolio companies over new investments, resulting in longer funding durations. Startups subsequently rely more heavily on secured debt and experience diminished innovation outcomes. Additionally, under heightened financial pressure, startups commit violations more frequently, particularly employment-related offenses. Nonetheless, startups backed by more experienced VCs demonstrate stronger innovation performance and are more likely to achieve successful exits through initial public offerings.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.