JOURNAL OF CORPORATE FINANCE, VOL 49，APRIL 2018

风险投资公司是否受益于成熟上市公司董事会的存在？

作者：IftekharHasan（Fordham University）

ArifKhurshed（University of Manchester）

AbdulkadirMohamed（University of Cranfield）

FanWang（University of Manchester）

摘要：本文考察了在成熟上市公司担任董事职位的风险投资公司在筹资和投资业绩方面的优势。实证结果表明，在标普1500公司担任董事职位的风险投资公司可以筹集更多的资金，设定更高的筹资目标，并更有可能成功退出。成熟上市公司的董事地位为风险投资公司提供了更强的网络，可视性和可信度，所有这些都促进了他们的筹款活动。此外，通过担任成熟上市公司的董事职位而获得的知识，专业学识和经验，以成功退出的可能性衡量的话，对于他们的投资组合公司来说是有利的。

关键词：风险投资，董事会，董事，上市公司，退出

Do Venture Capital Firms Benefit from a Presence on Boards of Directors of Mature Public Companies?

IftekharHasan (Fordham University)，ArifKhurshed (University of Manchester), AbdulkadirMohamed (University of Cranfield)，FanWang (University of Manchester)

ABSTRACT

This paper examines the benefits to venture capital firms of their officers holding directorships in mature public companies in terms of fundraising and investment performance. Our empirical results show that venture capital firms raise more funds, set higher fund-raising targets, and are more likely to successfully exit their investments post-appointment of their officers to boards of directors of S&P 1500 companies. Directorship status in mature public firms provides venture capital firms with enhanced networks, visibility, and credibility, all of which facilitate their fundraising activities. In addition, the knowledge, expertise, and experience acquired through holding directorships in mature public firms are beneficial for their portfolio companies, as measured by the likelihood of successful exits.

Keywords: Venture Capital, Board, Directorships, Public Companies, Exits

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119917302195#!

翻译：王秭越