Journal of Corporate Finance · Volume 35, December 2015, Pages 159–176
風險投資與成長型高科技公司的投資曲線
作者：Fabio Bertoni (EMLYON Business School), Annalisa Croce (Politecnico di Milano, DIG, Italy), Massimiliano Guerini (Politecnico di Milano, DIG, Italy)
摘要：這篇文章探讨風險資本（VC）如何和何時緩解投資組合公司的融資約束。在一個包含了128個具有風險投資支持的和233個通過傾向評分匹配識别出的不具有風險投資支持的公司樣本中，我們通過考慮投資曲線可能由于資本市場缺陷而呈U形的事實來估計誤差修正模型。研究結果表明，風險資本引導投資組合公司的投資曲線變平，這表明融資約束的減弱。但是，隻有在公司接受後續風投資金時，這種影響在經濟和統計學上才是顯著的。因為平均而言，後續不涉及更大的投資額，并且具有比初始輪次投資更強的信息内容，我們對這個結果的解釋表明風險投資認證對緩解投資組合公司的融資約束具有重要的意義。有關風險投資支持公司獲得信貸的證據證實了對結果的這種解釋。
關鍵詞：風險投資；投資曲線；成長型高科技公司；融資約束；分期；認證
Venture capital and the investment curve of young high-tech companies
Fabio Bertoni (EMLYON Business School), Annalisa Croce (Politecnico di Milano, DIG, Italy), Massimiliano Guerini (Politecnico di Milano, DIG, Italy)
ABSTRACT
We explore how and when venture capital (VC) alleviates the financial constraints of portfolio companies. Using a sample comprising 128 VC-backed companies and 233 non-VC-backed companies identified by propensity score matching, we estimate an error-correction model by accounting for the fact that the investment curve may be U shaped because of capital market imperfections. Our findings show that VC leads the investment curve to flatten in portfolio companies, which indicates an alleviation of financial constraints. This effect, however, is economically and statistically significant only after companies receive a follow-on round of VC financing. Because follow-on rounds, on average, do not involve larger amounts invested but have stronger informative content than initial rounds of investment, we interpret this result to indicate the importance of VC certification for the alleviation of financial constraints in portfolio companies. Evidence regarding the access to credit by VC-backed companies confirms this interpretation of the results.
Keywords: Venture capital; Investment curve; Young high-tech companies; Financial constraints; Staging; Certification
原文鍊接：
http://www.sciencedirect.com/science/article/pii/S0929119915001030
翻譯：熊進宗
