The Journal of Finance Volume 71, Issue4, August 2016, Pages1591—1622

風險投資監控的影響

作者：Shai Bernstein (Stanford University-Graduate School of Business), Xavier Giroud (MIT-Sloan School of Management), Richard Townsend (Tuck School of Business-Dartmouth College)

摘要：本文顯示風險投資者會促進公司的創新性和成功退出的可能性。在風險監測的過程中，我們通過探索一個外生變量來排除選擇效應：引進“新航線”來降低風險投資人成功退出的“航行時間”。我們做了大量的調查來驗證這個方法的重要性，90%的風險投資顯示“直航”加強了他們對公司以及管理的聯系，幫助他們更好地了解公司的行動。

The Impact of Venture Capital Monitoring

Shai Bernstein (Stanford University-Graduate School of Business), Xavier Giroud (MIT-Sloan School of Management), Richard Townsend (Tuck School of Business-Dartmouth College)

ABSTRACT

We show that venture capitalists' (VCs) on-site involvement with their portfolio companies leads to an increase in both innovation and the likelihood of a successful exit. We rule out selection effects by exploiting an exogenous source of variation in VC involvement: the introduction of new airline routes that reduce VCs' travel times to their existing portfolio companies. We confirm the importance of this channel by conducting a large-scale survey of VCs, of whom almost 90% indicate that direct flights increase their interaction with their portfolio companies and management, and help them better understand companies' activities.

原文鍊接：http://onlinelibrary.wiley.com/doi/10.1111/jofi.12370/full

翻譯：阙江靜