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首页> 外文期刊>Journal of banking & finance >Investment risk allocation and the venture capital exit market: Evidence from early stage investing
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Investment risk allocation and the venture capital exit market: Evidence from early stage investing

机译：投资风险分配与风险资本退出市场：早期投资的证据

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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. (C) 2016 Elsevier B.V. All rights reserved.
机译：这项研究提供了证据，证明了风险资本家（VCs）将资本分配给风险较高的投资的方法（通过行业中早期投资与后期投资的比例来衡量）如何与退出市场状况相关联。先前的研究主要集中在风险投资人如何根据公共股权市场条件调整总投资。我们开发了一种更具包容性的退出市场条件衡量方法，以解决影响行业回报结构的近期长期变化，尤其是相对于IPO退出而言，失败和并购的数量急剧上升。我们显示，相对于最近退出和失败所损失的美元，获得的美元与VC在1990-2008年期间对早期公司的分配有显着正相关。分配的变化很大，足以影响早期公司的资金可用性。总而言之，我们的证据表明，退出市场的状况对风险投资人对高风险投资的分配具有重大的经济意义。 （C）2016 Elsevier B.V.保留所有权利。

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