Journal of Banking & Finance ·Vol.73·DECEMBER 2016

投资风险分配和风险资本退出市场：来自早期投资的证据

作者：Susan Chaplinsky(Darden Graduate School of Business, University of Virginia), Swasti Gupta-Mukherjee(Quinlan School of Business Administration, Loyola University)

摘要：这项研究提供了风险资本家（VCs’）如何将资本分配给风险较大投资的证据，它由行业内早期和晚期投资的比例衡量，与退出市场条件有关。以前的研究主要集中在风险资本家如何根据公共股票市场状况调整总投资。我们制定了一个更具包容性的市场退出条件的衡量方法，这一方法能够说明近期影响行业回报结构的长期变化，尤其与上市退出相比，失败数量和并购退出数量都急剧上升。我们发现，相较于美元损失，近期来自于退出和失败的美元所得的与1990年至2008年期间风险资本家对早期公司的分配显著正相关。分配的变化足以影响早期公司的资金供应。总之，我们的证据表明，退出市场条件对风险资本家关于风险较大投资的分配具有显著的和经济学上的意义。

关键词：风险资本，风险分配，早期投资，并购退出，IPO退出

Investment risk allocation and the venture capital exit market: Evidence from early stage investing

Susan Chaplinsky(Darden Graduate School of Business, University of Virginia), Swasti Gupta-Mukherjee(Quinlan School of Business Administration, Loyola University)

ABSTRACT

This study provides evidence on how venture capitalists’ (VCs’) allocations of capital to riskier investments, as measured by the proportion of early versus late-stage investment in an industry, are linked to exit market conditions. Prior research has primarily focused on how VCs adjust aggregate investment to public equity market conditions. We develop a more inclusive measure of exit market conditions that accounts for recent secular changes that have affected the industry return structure, specifically, the sharp rise in the number of failures and M&A relative to IPO exits. We show that the dollars gained relative to dollars lost in recent exits and failures are significantly positively related to VCs’ allocations to early-stage companies over the period 1990–2008. The changes in allocations are large enough to have an effect on the availability of funding for early stage companies. In sum, our evidence shows that exit market conditions have a significant and economically meaningful influence on VCs’ allocations to riskier investments.

Keywords: Venture capital, Risk allocation, Early stage investment, M&A exits; IPO exits

原文链接：

http://www.sciencedirect.com/science/article/pii/S0378426616301327

翻译：贾梦悦