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首页> 外文期刊>Journal of Financial Regulation and Compliance >Specialization versus diversification in venture capital investing
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Specialization versus diversification in venture capital investing

机译：风险投资的专业化与多元化

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Purpose – Modern portfolio theory demonstrates that a well-diversified portfolio will minimize unsystematic risk. It may be impractical to achieve a well-diversified portfolio of venture capital (VC) investments due to market imperfections, leading to the decision to specialize. The purpose of this paper is to determine the implications of choosing a strategy of specialization versus diversification in venture investing. Design/methodology/approach – Using a dataset of US VC funds across a 20-year time period, this paper verifies that there has been a tendency for venture capitalists to pursue a specialization strategy in both industry and stage of development of portfolio firms. A multivariate two-limit tobit model is constructed to determine the effects of these decisions on venture success rates. Findings – It is found that venture capitalists that diversify across portfolio company stage of development have greater success in bringing companies public and exiting their investments via acquisition. Industry specialization has no significant impact on venture fund success rates. Research limitations/implications – Success rates may be less important than returns to investors in VC. Future research should examine the effects of specialization on investor returns. Practical implications – It may be beneficial to increase the level of diversification of VC investments across portfolio company stage of development. The lack of diversification across industry has not significantly affected success rates across funds, thus the tendency to specialize in particular industries over the sample period is not necessarily a poor decision. Originality/value – Prior research demonstrates a tendency for specialization in VC investing. This paper examines the implications of adopting this strategy.
机译：目的–现代投资组合理论表明，多元化的投资组合可以最大程度地减少非系统性风险。由于市场的不完善，要实现风险投资（VC）投资的多元化投资组合可能是不切实际的，从而导致需要专门化的决定。本文的目的是确定风险投资中选择专业化战略与多元化战略的关系。设计/方法/方法–使用20年内美国风险投资基金的数据集，本文验证了风险资本家在行业和投资组合公司的发展阶段都追求专业化战略的趋势。构建了一个多变量两极限轨道模型，以确定这些决策对风险投资成功率的影响。调查结果–发现在整个投资组合公司发展阶段进行多元化投资的风险投资家，在使公司公开上市并通过收购退出投资方面取得了更大的成功。行业专业化对风险基金的成功率没有重大影响。研究的局限性/意义–成功率可能不如风险投资的回报重要。未来的研究应研究专业化对投资者回报的影响。实际影响–在整个投资组合公司的发展阶段提高风险投资的多元化水平可能是有益的。跨行业缺乏多元化并没有显着影响跨基金的成功率，因此在样本期内专注于特定行业的趋势不一定是一个错误的决定。原创性/价值–先前的研究表明，风险投资专业化的趋势。本文研究了采用这种策略的含义。

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