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首页> 外文期刊>Strategic Entrepreneurship Journal >HOW POTENTIAL KNOWLEDGE SPILLOVERS BETWEEN VENTURE CAPITALISTS' ENTREPRENEURIAL PROJECTS AFFECT THE SPECIALIZATION AND DIVERSIFICATION OF VC FUNDS WHEN VC EFFORT HAS VALUE
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HOW POTENTIAL KNOWLEDGE SPILLOVERS BETWEEN VENTURE CAPITALISTS' ENTREPRENEURIAL PROJECTS AFFECT THE SPECIALIZATION AND DIVERSIFICATION OF VC FUNDS WHEN VC EFFORT HAS VALUE

机译:风险投资实现价值后,风险资本家的创业项目之间的潜在知识溢出如何影响风险投资基金的专业化和多元化

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摘要

Research concerning diversification and specialization of venture capital funds typically does not consider how a VC's effort might influence performance of different portfolios. We develop a model that analyzes VC effort when there is the potential for cross-sectional and/or serial knowledge spillover among projects. The model generates two implications concerning VC effort and performance. First, VC post-investment effort is a nonmonotonic function of performance shocks, especially for diversified VCs. Second, greater cross-sectional and serial knowledge spillovers improve the performance of specialization relative to diversification, and shape how the number of decision stages in a project affects portfolio choice.
机译:有关风险投资基金的多元化和专业化的研究通常没有考虑风险投资机构的努力如何影响不同投资组合的绩效。当项目之间存在横断面和/或系列知识溢出的可能性时,我们开发了一个模型来分析VC的工作量。该模型产生了两个有关VC工作量和性能的含义。首先,风险投资后的投入是绩效冲击的非单调函数,尤其是对于多元化的风险投资而言。其次,更大的横截面和系列知识溢出会提高专业化相对于多元化的绩效,并影响项目中决策阶段的数量如何影响投资组合的选择。

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