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Does writing a business plan still matter for searching and obtaining external equity finance? 撰写商业计划对于寻找和获得外部股权融资仍然重要吗?
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-01-18 DOI: 10.1080/13691066.2022.2161969
G. Latifi, L. Grilli, A. Herrmann
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引用次数: 0
Exploring the landscape of University-affiliated venture funds: an archetype approach 探索大学附属风险基金的前景:一种原型方法
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2023-01-03 DOI: 10.1080/13691066.2022.2163001
Nina Magomedova, Núria Villaescusa, A. Manresa
ABSTRACT In the last few decades, universities have engaged in the creation of university-affiliated venture capital (UVC) funds to solve the funding gap of new ventures that emerge from academic research. Little is known about their specific characteristics and typology in terms of their role, investment rationale and governance. This study undertakes an attempt to explore the diversity of UVC funds through the lens of an archetype approach. The analysis of 11 European UVC funds suggests that similarities and differences in such issues as governance system, industry focus and the stage of a venture development are the possible elements that define three distinct archetypes of UVC funding. The study contributes to academic research by proposing a categorisation of UVC funds, and demonstrating their uniqueness in terms of institutional hybridity, and dual organisational schemes and structures. It also suggests that UVC archetypes are not isolated and tend to borrow elements from each other, which contributes to creating a more fluid and flexible entrepreneurial university ecosystem.
在过去的几十年里,为了解决由学术研究产生的新创企业的资金缺口,大学一直致力于创建大学附属风险投资(UVC)基金。就它们的角色、投资原理和治理而言,它们的具体特征和类型知之甚少。本研究试图通过原型方法来探索UVC基金的多样性。对11只欧洲UVC基金的分析表明,在治理体系、行业重点和风险发展阶段等问题上的异同,可能是定义三种不同UVC融资模式的要素。该研究提出了UVC基金的分类,并展示了它们在机构混合性、双重组织方案和结构方面的独特性,从而为学术研究做出了贡献。这也表明,UVC的原型并不是孤立的,而是倾向于相互借鉴,这有助于创造一个更加流动和灵活的创业大学生态系统。
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引用次数: 3
Predicting the Startup Valuation: A deep learning approach 预测创业公司估值:一种深度学习方法
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-12-29 DOI: 10.1080/13691066.2022.2161968
Monika Dhochak, Sudesh Pahal, Prince Doliya
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引用次数: 0
The impact of concentration among venture capitalists: revisiting the determinants of venture capital 风险资本家集中的影响:重新审视风险资本的决定因素
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-12-06 DOI: 10.1080/13691066.2022.2147876
E. Félix, J. Nunes, C. Pires
ABSTRACT This article analyzes the impact of the level of concentration among Venture Capitalists (VCs) on the supply of venture capital (VC), through the reduced form model for the equilibrium amount of VC (using a simultaneous equation model on aggregated data from 15 European countries). It is shown that the level of concentration among VCs has a positive effect on VC supply, so creating conditions to increase the level of concentration can stimulate VC supply. The findings reveal the importance of unemployment and personal income rate on VC demand and the positive impact of stock market capitalization on VC supply.
摘要:本文通过风险资本均衡数量的简化模型(使用来自15个欧洲国家的汇总数据的联立方程模型),分析了风险资本家集中度水平对风险资本供给的影响。研究表明,风险投资企业的集中度对风险投资供给具有正向影响,因此创造条件提高风险投资企业的集中度可以刺激风险投资供给。研究结果揭示了失业率和个人收入对风险投资需求的重要性,以及股票市值对风险投资供给的积极影响。
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引用次数: 2
Lifespans of corporate and independent venture capitalists: a systematic review 企业和独立风险资本家的寿命:系统回顾
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-12-06 DOI: 10.1080/13691066.2022.2150909
F. Brinkmann, D. Kanbach
ABSTRACT Corporate venture capitalists (CVCs) have shorter lifespans than independent venture capitalists (IVCs), but the reasons for this are not well understood. This paper identifies influencing factors affecting lifespans of CVCs and IVCs. Based on a sample of 190 articles, this systematic review identifies 41 factors that influence VC performance across four dimensions: decisions about strategies, the exploitation of venture capital resources and characteristics, active involvement in the venture capital environment, and limited underlying room for maneuvering. These dimensions show differences in the decision-making of IVCs and CVCs and impact lifespan. CVCs yield greater financial performance than IVCs. However, our results suggest that five CVC-specific factors are significant influencing factors which can explain lifespan differences: investment objectives, organizational autonomy and structure, interorganizational relationships, commitment of corporate parent, and parent company size. Overall, the longevity of CVCs is largely determined by a number of internal decisions made between the CVC and its parent company. Limiting the influence of corporate parents is suggested to enhance the success and lifespan of CVCs.
企业风险资本家(cvc)的寿命比独立风险资本家(IVCs)短,但其原因尚不清楚。本文确定了影响cvc和IVCs寿命的因素。基于190篇文章的样本,本系统综述确定了41个影响风险投资绩效的因素,涉及四个维度:战略决策、风险资本资源和特征的利用、对风险资本环境的积极参与以及有限的潜在操作空间。这些维度显示了IVCs和cvc决策和影响寿命的差异。cvc比IVCs产生更大的财务绩效。然而,我们的研究结果表明,投资目标、组织自治和结构、组织间关系、母公司承诺和母公司规模这五个cvc特有的因素是解释寿命差异的显著影响因素。总的来说,CVC的寿命在很大程度上取决于CVC与其母公司之间做出的一些内部决策。建议限制企业母公司的影响,以提高cvc的成功率和寿命。
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引用次数: 3
Married at first sight: the process of trust formation throughout the venture capital process during the time of the COVID-19 crisis 一见钟情:2019冠状病毒病危机期间风险投资过程中的信任形成过程
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-11-08 DOI: 10.1080/13691066.2022.2139205
Heléne Müller, Julia Wöhler
ABSTRACT A high level of uncertainty accompanies investment decisions, hence, VCs attempt to reduce their risk through a thorough examination of potential investment cases. Especially during the seed and start-up phases of a new venture, when detailed reports and historical track records are still lacking, the investment manager’s trust in the entrepreneurial team has a major impact on investment decisions. To explore the process of trust formation, we conducted 11 semi-structured in-depth expert interviews with VC investment managers. Thereby, the COVID-19 crisis provided unique circumstances of exclusively digital communication and allowed us to develop a fine-grained understanding of trust within the VC context. Building on previous research about organizational trust and 674 interview minutes, we found that trustworthiness develops to trust over time as the vulnerability of both parties increases. Furthermore, our results reveal that the VCs’ perception of the founders’ trustworthiness is mainly influenced by examining the founders’ work environment, a founders’ reputation in the VCs’ network, and face-to-face communication. Such personal meetings allow VCs to assess founders, shape the investor’s gut feeling, and develop an interpersonal relationship as they allow for more room talking about personal information rather than business talk.
投资决策伴随着高度的不确定性,因此,风投试图通过对潜在投资案例的彻底检查来降低风险。特别是在新企业的种子和启动阶段,当详细的报告和历史记录仍然缺乏时,投资经理对创业团队的信任对投资决策有重大影响。为了探究信托形成的过程,我们对VC投资经理进行了11次半结构化的深度专家访谈。因此,2019冠状病毒病危机提供了独特的数字通信环境,使我们能够在风险投资背景下对信任进行细致的理解。基于之前关于组织信任的研究和674分钟的访谈,我们发现随着时间的推移,随着双方脆弱性的增加,信任发展为信任。此外,我们的研究结果表明,风投对创始人可信度的感知主要受到考察创始人的工作环境、创始人在风投网络中的声誉和面对面交流的影响。这样的私人会面可以让风投评估创始人,塑造投资者的直觉,并发展人际关系,因为他们有更多的空间谈论个人信息,而不是商业对话。
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引用次数: 1
Linear and non-linear patterns of internationalisation and funding in academic spin-offs 国际化的线性和非线性模式及学术衍生产品的资助
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-11-08 DOI: 10.1080/13691066.2022.2139651
M. L. Fernandez-Alles, C. Camelo‐Ordaz, J. P. Diánez-González, E. C. Castillo-Rodríguez
ABSTRACT Academic spin-offs (ASOs) are typically technologically driven, and their expansion into foreign markets has become a priority for the generation of revenue, thereby recuperating the initial R&D and patent costs over a shorter time frame. However, the literature of how these firms internationalise and what sources they can rely on to obtain the financial resources remains very limited. Two main objectives are proposed in this paper: first, the analysis of whether those relationships that ASOs maintain with various agents to provide financial resources for internationalisation differ between ASOs that have internationalised and those that have not; and second, the study into whether those ASOs that internationalise by following different internationalisation patterns present differences in their agents that provide them with financial resources. From a sample of 173 Spanish ASOs, results of cluster analysis and post-hoc tests indicate that internationalised ASOs rely on financial agents different to those of domestic ASOs. We firstly conclude, that the most representative internationalisation pattern in ASOs is Born Global (BG), through the True Born Global (TBG) and Sporadic Born Global (SBG) sub-patterns. Second, the internationalisation patterns are supported by different financial agents, although governmental institutions and Venture Capital (VC) firms constitute the most relevant agents.
学术衍生产品(ASOs)通常是由技术驱动的,它们向国外市场的扩张已经成为产生收入的优先事项,从而在较短的时间内收回最初的研发和专利成本。然而,关于这些公司如何国际化以及他们可以依靠什么来源来获得财务资源的文献仍然非常有限。本文提出了两个主要目标:第一,分析已国际化和未国际化的自治组织与各种代理保持的为国际化提供财务资源的关系是否存在差异;第二,研究那些遵循不同国际化模式进行国际化的自治组织在为其提供财务资源的代理人方面是否存在差异。从173个西班牙自治组织的样本中,聚类分析和事后检验的结果表明,国际化自治组织对金融代理的依赖不同于国内自治组织。我们首先得出结论,ASOs中最具代表性的国际化模式是天生全球化(BG),通过真正的天生全球化(TBG)和零星的天生全球化(SBG)子模式。第二,尽管政府机构和风险投资公司构成了最相关的代理机构,但国际化模式得到了不同金融代理机构的支持。
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引用次数: 2
Looking for complementarities. Within-industry diversification and geographic diversification of Venture Capital Firms 寻找互补性。风险投资公司的行业内多元化和地域多元化
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-11-02 DOI: 10.1080/13691066.2022.2139206
Johannes M. Lehner
ABSTRACT Research on Venture Capitalists' (VCs) industrial diversification is supplemented with the notion of diversification along an industry’s value chain. VCs are hypothesized to create a portfolio of complementary investments along the value chain, accompanied by low geographic diversification. Further, VCs specializing in an industry with network externalities are predicted to devote relatively more investments to this industry, followed by an increased propensity for diversification along the value chain. This, subsequently, will result in less geographic diversification. The hypotheses are supported through a study on VCs in the US and Europe. Contributions to the literature on VCs, diversification, geographic agglomeration and network effects are discussed.
摘要对风险资本家产业多元化的研究补充了产业价值链多元化的概念。假设风险投资在价值链上创造了一个互补的投资组合,伴随着低地域多样化。此外,预计专门从事具有网络外部性的行业的风险投资公司将向该行业投入相对更多的投资,随后将增加沿价值链多样化的倾向。因此,这将导致地域多样化的减少。这些假设通过对美国和欧洲风险投资的研究得到了支持。讨论了对风险投资、多元化、地理集聚和网络效应的文献贡献。
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引用次数: 0
Solving the SME finance puzzle: an examination of demand and supply failure in the UK 解决中小企业融资难题:对英国供需失灵的考察
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-10-25 DOI: 10.1080/13691066.2022.2135468
Robyn Owen, Tiago Botelho, J. Hussain, Osman Anwar
ABSTRACT Following economic instability after the Global Financial Crisis, the financing of small and medium-sized enterprise (SME) growth and productivity has become central to UK government policy for sustainable economic development, evidenced by the establishment of the British Business Bank and Regional Investment Funds. This paper considers demand-side and supply-side failures in the contemporary UK SME finance market. Adopting mixed methods, binary logit regression analysis of the 2015 UK Small Business Survey of 15,502 SMEs is sense-checked using qualitative participatory findings from 6 SME finance support advisors. Findings confirm the importance of SME size, age, management capability and use of appropriate, timely external advice. They support the resource-based view of SME access to finance, contributing to borrower discouragement and under investment, suggesting the need for improved support to upskill entrepreneurs’ financial management and investment readiness and the concept of an ‘holistic entrepreneurial finance ecosystem’ approach to assist UK SME finance.
在全球金融危机后的经济动荡中,为中小企业的成长和生产力提供融资已成为英国政府可持续经济发展的核心政策,英国商业银行和区域投资基金的成立就是证明。本文研究了当代英国中小企业金融市场的需求侧和供给侧失灵。采用混合方法,利用6位中小企业融资支持顾问的定性参与性调查结果,对2015年英国小企业调查中15502家中小企业的二元logit回归分析进行了意义检验。调查结果证实了中小企业规模、年龄、管理能力和使用适当、及时的外部建议的重要性。他们支持中小企业获得融资的资源基础观点,导致借款人气馁和投资不足,建议需要改善支持,以提高企业家的财务管理和投资准备能力,并提出“整体创业金融生态系统”的概念,以帮助英国中小企业融资。
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引用次数: 3
Some initial observations on the geography of the supply of equity crowdfunding 关于股权众筹供给地理的一些初步观察
IF 2.4 4区 管理学 Q2 BUSINESS, FINANCE Pub Date : 2022-10-13 DOI: 10.1080/13691066.2022.2132891
Anoosheh Rostamkalaei, M. Freel
ABSTRACT Enthusiasm for crowdfunding’s ability to fill gaps in the provision of entrepreneurial finance continues among academics, policymakers and practitioners. In this, increasing attention has been paid to the geography of crowdfunding. This work has provided important evidence on various spatial influences on the location of platforms and campaigns and on their eventual success. In this paper, we take a rare look at the geography of the supply of crowdfunds. Specifically, our concern is with equity crowdfunding. Drawing on a hand collected data set, combining data on investments and on investors’ locations, we explore spatial influences on the extent of crowdfunding investment beyond commonly explored issues of distance.
学术界、政策制定者和实践者对众筹填补创业融资缺口的能力的热情仍在继续。在这种情况下,众筹的地理位置越来越受到关注。这项工作为各种空间影响平台和活动的位置及其最终成功提供了重要证据。在本文中,我们罕见地考察了众筹的供给地理。具体来说,我们关注的是股权众筹。利用手工收集的数据集,结合投资和投资者所在地的数据,我们探索了距离对众筹投资程度的空间影响。
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引用次数: 0
期刊
Venture Capital
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