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STRATEGIC BENEFITS TO FIRMS ISSUING PRIVATE EQUITY PLACEMENTS

机译:发行私募股权公司的战略利益

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摘要

For young technology firms, acquiring resources can often be costly due to the information asymmetry and uncertainty that exist surrounding the new technology. We contend that firms able to issue private equity can better manage their ability to mobilize three kinds of resources: capital, research partners, and commercial partners. We investigate the existence of long-term, strategic benefits to private placements, and a number of factors may determine the long-term effectiveness of this governance form. Overall, the empirical analyses demonstrates that private placements provide long-term benefits to firms by reducing hazards associated with information asymmetry.
机译:对于年轻的技术公司来说,由于围绕新技术的信息不对称和不确定性,获取资源的成本通常很高。我们认为能够发行私募股权的公司可以更好地管理其调动三种资源的能力:资本,研究伙伴和商业伙伴。我们调查了定向增发的长期战略利益的存在,许多因素可能决定这种治理形式的长期有效性。总体而言,经验分析表明,私募通过减少与信息不对称相关的危害为公司提供了长期利益。

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