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首页> 外文期刊>The Singapore economic review >FUNDING LIQUIDITY RISK, SYNDICATION BEHAVIOR AND THE RISK CULTURE OF THE AUSTRALIAN VENTURE CAPITAL INDUSTRY
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FUNDING LIQUIDITY RISK, SYNDICATION BEHAVIOR AND THE RISK CULTURE OF THE AUSTRALIAN VENTURE CAPITAL INDUSTRY

机译：资金流动性风险，合并行为和澳大利亚风险资本行业的风险文化

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摘要

Venture capital (VC) is usually invested in high risk technology companies at their early stages of development. In response to the industry risk environment, the VC fund managers have developed a set of risk management practices appropriate for the industry which include investment syndication. Furthermore, the VC funds are supplied by individual and institutional investors with different risk profiles and investment focus, usually in finite amounts and for a limited period of time. The funding agreement between the VC firms and the fund investors combined with the limited amount and time can lead to additional funding liquidity risks as the VC funds are invested in the portfolio companies. In this paper, we develop a simple two period model from a VC firm's perspective with funding liquidity constraints to demonstrate how funding liquidity risk can influence syndication decisions. We subsequently analyze the implication of the model, derive a set of predictions and validate them with VC investment data from Australia. The analysis shows that syndication has both instrumental function in risk management and behavioral implications on risk culture essential for addressing the emerging frontiers of sustainability risks.
机译：风险投资（VC）通常在发展初期就投资于高风险技术公司。为了应对行业风险环境，风险投资基金经理制定了一套适合行业的风险管理实践，包括投资银团。此外，风险投资基金是由具有不同风险特征和投资重点的个人和机构投资者提供的，通常是在有限的时间内提供有限的金额。风险投资公司与基金投资者之间的融资协议，加上有限的金额和时间，可能会导致额外的资金流动性风险，因为风险投资基金投资于投资组合公司。在本文中，我们从风险投资公司的角度开发了一个具有资金流动性约束的简单的两期间模型，以证明资金流动性风险如何影响联合决策。随后，我们分析了模型的含义，得出了一组预测，并使用来自澳大利亚的风险投资数据验证了它们。分析表明，联合组织在风险管理中既具有工具性作用，又对行为文化具有行为意义，这对于应对可持续发展风险的新兴领域至关重要。

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