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Cross-border venture capital flows and local ties: Evidence from developed countries

机译：跨境风险资本流动和地方联系：来自发达国家的证据

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摘要

Using a unique global dataset from developed countries, this paper provides evidence that not only traditional determinants of international capital flows affect cross-border venture capital flows, but that ties among local venture capital investors are related to size and style of these flows. Our results on size indicate that both number and value of cross-border flows between two countries increase with tie intensities within the local venture capital industries in both countries. Our results on style suggest that strong local ties go hand in hand with more intensive ties to foreign investors. Thus, rather than protecting the local market and fending off competition from foreign investors, local tie intensity seems to stimulate international syndication and expansion of venture capital financing across borders, which allows venture capital investors to build geographically diversified portfolios and to add value by building cross-border syndicates. These effects seem to be stronger for those foreign investors who already have experience in the particular destination country.
机译：本文使用来自发达国家的独特的全球数据集，提供了证据，不仅国际资本流动的传统决定因素会影响跨境风险资本流动，而且本地风险资本投资者之间的联系也与这些流动的规模和方式有关。我们的规模结果表明，两国之间跨境流动的数量和价值都随着两国当地风险投资行业内的联系强度而增加。我们在风格上的结果表明，牢固的本地关系与与外国投资者的更紧密的关系并存。因此，当地的紧密联系似乎并没有保护本地市场并抵御外国投资者的竞争，反而刺激了国际联合组织和跨境风险资本融资的扩展，这使风险资本投资者能够建立地域多元化的投资组合并通过建立跨境投资组合来增加价值。边境集团。对于那些已经在特定目的地国家拥有经验的外国投资者来说，这些影响似乎更强。

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