MANAGEMENT SCIENCE · VOL. 61, NO. 11· NOVEMBER 2015

金融冲击的扩散：风险投资案例

作者：Richard R. Townsend (Dartmouth College- Tuck School of Business)

摘要：本文调查了当拥有同一个投资者的其他公司遭受负面冲击时，风险投资支持的公司会受到怎样的影响。理论上来说，公司可能在这种情况下获益也可能受到伤害。为了通过实证分析这一主题，本文估计了技术泡沫崩溃对那些与互联网公司同在一个风险投资组合中的非信息技术（非IT）公司的影响。使用双重差分模型，本文发现与其他公司相比，泡沫的结束与非IT公司发起连续融资的概率显著大幅下降相关。这似乎不是由不可观测的公司特性，如公司质量或IT相关性，驱动的；对于从多个风险投资公司接受资本的同一投资组合公司，具有更大互联网风险暴露的投资者明显不太可能继续参与后续轮次的投资活动。

关键词：中介；扩散；风险投资；技术泡沫；互联网；锁定

Propagation of Financial Shocks: The Case of Venture Capital

Richard R. Townsend (Dartmouth College- Tuck School of Business)

ABSTRACT

This paper investigates how venture-backed companies are affected when others sharing the same investor suffer a negative shock. In theory, companies may be helped or hurt in this scenario. To examine the topic empirically, I estimate the impact of the collapse of the technology bubble on non-information-technology (non-IT) companies that were held alongside Internet companies in venture portfolios. Using a difference-in-differences framework, I find that the end of the bubble was associated with a significantly larger decline in the probability of raising continuation financing for these non-IT companies in comparison to others. This does not appear to be driven by unobservable company characteristics such as company quality or IT relatedness; for the same portfolio company receiving capital from multiple venture firms, investors with greater Internet exposure were significantly less likely to continue to participate in follow-on rounds.

Keywords: intermediation; contagion; venture capital; technology bubble; Internet; lock-in

原文链接：

http://tuck-fac-cen.dartmouth.edu/images/uploads/faculty/richard-townsend/PropagationFinShocksVC.pdf

翻译：景薇