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

金融沖擊的擴散：風險投資案例

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

摘要：本文調查了當擁有同一個投資者的其他公司遭受負面沖擊時，風險投資支持的公司會受到怎樣的影響。理論上來說，公司可能在這種情況下獲益也可能受到傷害。為了通過實證分析這一主題，本文估計了技術泡沫崩潰對那些與互聯網公司同在一個風險投資組合中的非信息技術（非IT）公司的影響。使用雙重差分模型，本文發現與其他公司相比，泡沫的結束與非IT公司發起連續融資的概率顯著大幅下降相關。這似乎不是由不可觀測的公司特性，如公司質量或IT相關性，驅動的；對于從多個風險投資公司接受資本的同一投資組合公司，具有更大互聯網風險暴露的投資者明顯不太可能繼續參與後續輪次的投資活動。

關鍵詞：中介；擴散；風險投資；技術泡沫；互聯網；鎖定

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

原文鍊接：

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

翻譯：景薇