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Retrospective overview of the journal venture capital using bibliometric approach 运用文献计量学方法回顾风险投资期刊
IF 2.4 4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2022-01-02 DOI: 10.1080/13691066.2022.2051769
Vincenzo Capizzi, A. Paltrinieri, Debidutta Pattnaik, S Kumar
ABSTRACT The journal Venture Capital (VC) is a well-established highly reputed academic outlet specializing in research on entrepreneurial finance conducted from various methodological standpoints, on a global basis. This study uses bibliometrics to analyze the journal’s impact, prominent topics, most frequent authors, and their affiliated institutions. Between 1999 and 2021, VC published 385 documents receiving 9,892 citations. About 62% of VC papers have more than 10 citations each. Some of the notable themes which may offer future scope for publications include crowdfunding platforms, equity crowdfunding, government venture capital, private equity firm and investment, entrepreneurial finance, market failure, and female entrepreneurship.
《创投》(Venture Capital)杂志是一家声誉卓著的学术杂志,专门从事全球范围内从不同方法论角度进行的创业融资研究。本研究使用文献计量学来分析期刊的影响力、突出的主题、最常见的作者及其附属机构。从1999年到2021年,VC共发表了385篇文献,被引用9892次。大约62%的VC论文每篇被引用次数超过10次。一些值得注意的主题可能会为未来的出版物提供范围,包括众筹平台、股权众筹、政府风险投资、私募股权公司和投资、创业金融、市场失灵和女性创业。
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引用次数: 3
Women and entrepreneurial finance: a systematic review 妇女与创业融资:系统回顾
IF 2.4 4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2021-10-02 DOI: 10.1080/13691066.2021.2010507
Priscilla Serwaah, Rotem Shneor
ABSTRACT The intersection of gender and entrepreneurship has received growing attention in recent years from academics, practitioners, and policy makers. The current paper reviews research on what influences women’s demand for- and supply of entrepreneurial finance, while suggesting a conceptual approach untangling contradictory findings in earlier studies. This is achieved through a systematic literature review of 113 carefully selected papers, published between 1989 and 2019. Specifically, the review includes 77 studies dedicated to female access to finance, 32 studies on female investment behaviour, and 4 studies addressing both. We find that inconsistent findings can be traced to a combination of wide theoretical plurality in one-half of the studies and an absence of theoretical anchoring in the other half, calling for conceptual integration of existing theories with feminist critiques. Accordingly, we propose integrative conceptual frameworks highlighting the roles of explicit and symbolic factors impacting women’s access to- and investment of- financial resources. This approach led us to suggest that refocusing research on symbolic and intangible factors may help uncover new associations, otherwise obscured in earlier research. Furthermore, the inclusion of interaction terms with gender-related variables may also help untangle existing inconsistencies.
近年来,性别与创业的交叉问题越来越受到学术界、实践者和政策制定者的关注。本文回顾了影响妇女对创业融资需求和供给的因素的研究,同时提出了一种概念性的方法来理清早期研究中相互矛盾的发现。这是通过对1989年至2019年间发表的113篇精心挑选的论文进行系统文献综述来实现的。具体而言,该综述包括77项致力于女性获得金融的研究,32项关于女性投资行为的研究,以及4项针对两者的研究。我们发现,不一致的发现可以追溯到一半研究中广泛的理论多元性和另一半研究中缺乏理论锚定的结合,这要求将现有理论与女权主义批评进行概念整合。因此,我们提出了综合概念框架,强调影响妇女获得和投资金融资源的明确和象征性因素的作用。这种方法使我们提出,重新关注象征性和无形因素的研究可能有助于发现新的关联,否则在早期的研究中被掩盖。此外,包含与性别相关变量的交互术语也可能有助于理清现有的不一致。
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引用次数: 8
Zero-debt capital structure and the firm life cycle: empirical evidence from privately held SMEs 零债务资本结构与企业生命周期:来自民营中小企业的经验证据
IF 2.4 4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2021-10-02 DOI: 10.1080/13691066.2021.2001700
Vivien Lefebvre
ABSTRACT Recent research on firms’ capital structure highlights that up to 25% of publicly listed firms are zero-debt firms, a stylized fact that challenges financial theory. In this paper, we study privately held zero-debt small and medium-sized enterprises (SMEs) and identify that approximately 20% of our observations correspond to zero-debt firms. This result is especially surprising in the context of a bank-oriented economy, France. We show that the likelihood of being a zero-debt firm is higher when firms are new-born, which is not surprising, but also when they grow older. In other words, we observe a U-shaped relationship between age and the likelihood of being a zero-debt firm. Our results are consistent with the idea that new-born firms cannot access debt-financing because of a lack of reputation and high informational opacity. When firms grow older, they decide to become debt-free to preserve their financial flexibility and to reduce their dependency toward banks. Overall, this paper suggests that SMEs depend less on bank financing than currently assumed.
最近对公司资本结构的研究强调,高达25%的上市公司是零债务公司,这一事实对金融理论提出了挑战。在本文中,我们研究了私人持有的零债务中小企业(SMEs),并发现我们的观察结果中约有20%对应于零债务公司。这一结果在以银行为主导的法国经济背景下尤其令人惊讶。我们发现,当公司刚成立时,成为零债务公司的可能性更高,这并不奇怪,但当公司变老时,这种可能性也更高。换句话说,我们观察到年龄与成为零债务公司的可能性之间呈u型关系。我们的研究结果与以下观点一致:由于缺乏声誉和信息高度不透明,新生企业无法获得债务融资。当公司年岁渐长时,他们决定不再负债,以保持财务灵活性,减少对银行的依赖。总体而言,本文认为中小企业对银行融资的依赖程度低于目前的假设。
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引用次数: 5
Business angel investing during the covid-19 economic crisis: evidence from Scotland 新冠肺炎经济危机期间的商业天使投资:来自苏格兰的证据
IF 2.4 4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2021-10-02 DOI: 10.1080/13691066.2021.2019564
C. Mason, Tiago Botelho
ABSTRACT The onset of the coronavirus pandemic in early 2020 quickly gave rise to a concern that the resulting economic uncertainty would produce a collapse in angel investing. In view of the critical role that business angels play in financing the start of the entrepreneurial pipeline, a decline in their investment activity would have a negative effect on the ability of entrepreneurs to start and commence the scaling process which, in turn, would compromise an entrepreneur-led economic recovery from the coronavirus pandemic. This paper draws on two unique data sources on investments made by business angels in Scotland before and since the onset of the pandemic. It shows that business angels continued to invest since the onset of the crisis although their investment activity declined sharply between Q2 and Q3 2020. Investment activity stabilising in Q4 and has significantly increased during 2021 and is now above pre-Covid levels. Angels have increased their emphasis on follow-on investments and in businesses that have raised one or more previous rounds of funding. This highlights a potential problem for entrepreneurs seeking to raise their first round of angel funding that policy-makers need to address.
2020年初冠状病毒大流行的爆发迅速引发了人们的担忧,即由此带来的经济不确定性将导致天使投资的崩溃。鉴于商业天使在创业渠道启动融资方面发挥的关键作用,其投资活动的减少将对企业家启动和启动规模流程的能力产生负面影响,从而损害由企业家主导的经济复苏。本文利用了疫情爆发前后商业天使在苏格兰投资的两个独特数据来源。报告显示,自危机爆发以来,天使投资人继续进行投资,尽管他们的投资活动在2020年第二季度至第三季度之间大幅下降。投资活动在第四季度企稳,并在2021年大幅增加,目前高于新冠疫情前的水平。天使投资人越来越重视后续投资,以及已经获得一轮或多轮融资的企业。这凸显了寻求第一轮天使融资的企业家需要解决的一个潜在问题。
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引用次数: 2
Social impact venture capital investing: an explorative study 社会影响风险投资:探索性研究
IF 2.4 4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2021-09-22 DOI: 10.1080/13691066.2021.1982069
A. Croce, E. Ughetto, Giuseppe Scellato, F. Fontana
ABSTRACT In this paper, we look at venture capital funds that invest in enterprises striving to achieve a positive societal impact (SIVCs). We observe that SIVCs are likely to pursue two different investment strategies. On the one hand, they select companies with negative profitability results but interesting growth patterns. On the other hand, they do not disregard more established companies with profits but a reduced prospect of growth at the time of the investment. We then assess the impact that these SIVCs have generated on invested firms: while we do not observe significant improvements in the sales figures, all the models show that total assets have been positively affected by the new equity raised. However, when we disentangle between short- and long-term effects, our analysis reveals that the effect of SIVCs on total assets is concentrated on the first years after the receipt of capital, while it disappears in the following years. A positive and significant effect of SIVCs on sales is instead found in the long run. The overall evidence seems to support the view that SIVCs favor the growth and transformation of target firms towards more capital intensive and scalable businesses.
在本文中,我们着眼于投资于努力实现积极社会影响的企业的风险投资基金(sivc)。我们观察到,sivc可能会采取两种不同的投资策略。一方面,他们选择盈利结果为负但增长模式有趣的公司。另一方面,他们不会忽视那些在投资时盈利但增长前景较低的老牌公司。然后,我们评估了这些sivc对被投资公司产生的影响:虽然我们没有观察到销售数据的显着改善,但所有模型都表明,总资产受到新股本筹集的积极影响。然而,当我们区分短期和长期影响时,我们的分析表明,sivc对总资产的影响集中在收到资金后的头几年,而在接下来的几年里则消失了。相反,从长期来看,sivc对销售有积极而显著的影响。总体证据似乎支持这样一种观点,即sivc支持目标公司向资本密集型和可扩展业务的增长和转型。
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引用次数: 5
Beyond market failure: rationales for regional governmental venture capital 超越市场失灵:区域政府风险投资的理由
IF 2.4 4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2021-07-03 DOI: 10.1080/13691066.2021.1927341
J. Vogelaar, E. Stam
ABSTRACT Why do regional governments establish venture capital funds? Government intervention in venture capital markets is traditionally legitimised by market failure rationales. In this paper, we analyse the supply of public and private venture capital in Dutch regions, which reveals a multiplicity of rationales for government intervention in the regional economy. We ground this in the policy diffusion literature and distinguish four rationales for government intervention: economic competition, coercion, imitation and learning. The findings enrich the analysis of regional government interventions and challenge the rhetoric that regional policies seeking to foster venture capital markets are solely implemented to address market failures.
地方政府为什么要设立风险投资基金?传统上,政府对风险资本市场的干预是以市场失灵为理由的。在本文中,我们分析了荷兰地区的公共和私人风险资本的供应,这揭示了政府干预区域经济的多重理由。我们将这一观点根植于政策扩散文献,并区分了政府干预的四种基本原理:经济竞争、强制、模仿和学习。这些发现丰富了对区域政府干预的分析,并挑战了寻求促进风险资本市场的区域政策仅仅是为了解决市场失灵的说法。
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引用次数: 4
Technological fit, control rights allocation, and innovation performance of corporate venture capital-backed enterprises 技术契合度、控制权配置与企业风险投资支持下的创新绩效
IF 2.4 4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2021-04-20 DOI: 10.1080/13691066.2021.1905931
Lei Wang, H. Huang, Yunbi An
ABSTRACT Based on 351 sample observations of companies listed on the Growth Enterprise Market (GEM) and Small & Medium Enterprise (SME) Board in China, this paper analyzes how the technological fit between corporate venture capital (CVC) parent companies and CVC-backed start-ups is related to CVC-backed start-ups’ innovation performance, as well as the mediating role of the allocation of control rights within CVC-backed start-ups in explaining the relationship. We find that technological fit has a positive effect on CVC-backed start-ups’ innovation inputs, while it has an inverted U-shaped relationship with start-ups’ innovation outputs. Technological fit also has a positive effect on the control rights acquired by CVCs, while the control rights allocation has no significant effect on innovation inputs, but significantly promotes innovation outputs. This suggests that the impact of technological fit on CVC-backed start-ups’ innovation performance arises from both the direct effect of technological fit and the mediating effect of the control rights acquired by CVCs.
本文基于351家中国创业板和中小企业板上市公司的样本观察,分析了企业风险投资(CVC)母公司与CVC支持的初创企业之间的技术契合度对CVC支持的初创企业创新绩效的影响,以及CVC支持的初创企业内部控制权配置在解释这一关系中的中介作用。研究发现,技术契合度对cvc支持的创业公司的创新投入有正向影响,而与创业公司的创新产出呈倒u型关系。技术匹配对企业获得的控制权也有正向影响,而控制权配置对创新投入没有显著影响,但对创新产出有显著促进作用。这表明,技术契合度对cvc支持的初创企业创新绩效的影响既来自于技术契合度的直接作用,也来自于cvc获得控制权的中介作用。
{"title":"Technological fit, control rights allocation, and innovation performance of corporate venture capital-backed enterprises","authors":"Lei Wang, H. Huang, Yunbi An","doi":"10.1080/13691066.2021.1905931","DOIUrl":"https://doi.org/10.1080/13691066.2021.1905931","url":null,"abstract":"ABSTRACT Based on 351 sample observations of companies listed on the Growth Enterprise Market (GEM) and Small & Medium Enterprise (SME) Board in China, this paper analyzes how the technological fit between corporate venture capital (CVC) parent companies and CVC-backed start-ups is related to CVC-backed start-ups’ innovation performance, as well as the mediating role of the allocation of control rights within CVC-backed start-ups in explaining the relationship. We find that technological fit has a positive effect on CVC-backed start-ups’ innovation inputs, while it has an inverted U-shaped relationship with start-ups’ innovation outputs. Technological fit also has a positive effect on the control rights acquired by CVCs, while the control rights allocation has no significant effect on innovation inputs, but significantly promotes innovation outputs. This suggests that the impact of technological fit on CVC-backed start-ups’ innovation performance arises from both the direct effect of technological fit and the mediating effect of the control rights acquired by CVCs.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2021-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88112299","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Ten meditations on government venture capital 关于政府风险投资的十大思考
IF 2.4 4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2021-04-08 DOI: 10.1080/13691066.2021.1903677
Gordon Murray
ABSTRACT This paper reflects on the policy formation process in the burgeoning area of government’s involvement in venture capital finance (VC) over the two decades 2000–2020. It looks at both why and how government VC funds (GVC) have evolved. The increasingly common vehicle of “hybrid” co-investment funds, which include both public and private VC investors, is analysed. The evolution of public intervention in VC markets over time is acknowledged while noting that significant operational challenges remain. The rubric of Ten Meditations is employed as a device to communicate both problem and prescription across the academic/policy maker divide.
本文从2000年到2020年,对政府参与风险投资金融这一新兴领域的政策形成过程进行了反思。它着眼于政府风险投资基金(GVC)为何以及如何演变。本文分析了日益普遍的“混合型”共同投资基金(包括公共和私人风险投资者)。随着时间的推移,公共干预在风险投资市场中的演变得到了承认,同时注意到重大的运营挑战仍然存在。“十大冥想”的标题被用作跨越学术/政策制定者鸿沟的沟通问题和处方的工具。
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引用次数: 6
Reviewing equity investors’ funding criteria: a comprehensive classification and research agenda 回顾股票投资者的融资标准:一个全面的分类和研究议程
IF 2.4 4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2021-04-03 DOI: 10.1080/13691066.2021.1883211
Francesco Ferrati, M. Muffatto
ABSTRACT Venture capitalists and angel investors usually apply a set of assessment criteria to evaluate the key elements of entrepreneurial projects. However, since each investor considers different criteria, previous researchers who analysed investors’ decision making, ended up analysing a variety of divergent aspects. In this paper, a systematic literature review on the assessment criteria applied by equity investors was carried out. The purpose of this study was to identify and classify all the criteria considered by previous researchers to determine whether some aspects were investigated more extensively than others and to understand the reasons for this type of approach. After screening the abstracts of 894 journal publications, 53 articles were selected for a detailed analysis. In total, 208 unique criteria were identified and were subsequently classified into 35 specific categories, 11 generic classes and 4 main domains of analysis. The high level of detail and granularity of this work is one of its added values and can provide a knowledge base for future researchers who intend to apply new methodologies for the analysis of investors’ decision-making. Starting from the results obtained so far, a new agenda for future research is suggested to encourage a more data-driven approach leveraging data science techniques.
风险投资家和天使投资人通常会采用一套评估标准来评估创业项目的关键要素。然而,由于每个投资者考虑的标准不同,以前分析投资者决策的研究人员最终分析了各种不同的方面。本文对股权投资者所采用的评估标准进行了系统的文献综述。本研究的目的是识别和分类以前研究人员考虑的所有标准,以确定某些方面是否比其他方面调查得更广泛,并了解这种方法的原因。在对894篇期刊论文摘要进行筛选后,选取53篇进行详细分析。总共确定了208个独特的标准,随后将其分为35个具体类别、11个一般类别和4个主要分析领域。这项工作的高水平细节和粒度是其附加值之一,可以为未来打算应用新方法分析投资者决策的研究人员提供知识库。从目前获得的结果出发,建议未来研究的新议程,以鼓励更多的数据驱动方法利用数据科学技术。
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引用次数: 20
The influence of venture capital syndicate size on venture performance 风险投资财团规模对风险投资绩效的影响
IF 2.4 4区 管理学 Q1 Economics, Econometrics and Finance Pub Date : 2021-04-03 DOI: 10.1080/13691066.2021.1893933
Ji Youn (Rose) Kim, H. Park
ABSTRACT Venture capital (VC) syndicates pool diverse resources from their members to accomplish the common goal of nurturing new ventures for a successful exit. Although the size of syndicate is a fundamental attribute impacting performance, the influence of syndicate size is less understood in prior studies with mixed findings. To address the gap, we suggest that there is an inverted U relationship between a syndicate size and venture performance. As the number of partners in a VC syndicate increases, a syndicate can provide more heterogeneous resources that can help its portfolio company succeed, but coordination costs increase as well. We thus predict that the net effect combining these two countervailing effects yields an inverse-U relationship between syndicate size and performance. We further examine two boundary conditions under which the nonlinear relationship is likely to manifest. Analyzing 407 investment syndicates formed by 1,106 VC firms for new ventures in the U.S. information and communications technology sector between 1990 and 2006, we find that the relationship between syndicate size and performance is an inverse-U shape. We further find that geographic distance among syndicate partners flattens the inverse-U curve, whereas a strong reputation of the lead VC firms shifts the inverse-U curve to the right.
风险投资集团(VC)为实现培育新创企业成功退出的共同目标,从其成员中汇集不同的资源。虽然辛迪加的规模是影响绩效的一个基本属性,但在以往的研究中,辛迪加规模的影响鲜为人知,研究结果喜忧参半。为了解决这一差距,我们建议辛迪加规模与风险绩效之间存在倒U关系。随着风投辛迪加中合作伙伴数量的增加,辛迪加可以提供更多的异构资源,帮助其投资组合公司取得成功,但协调成本也会增加。因此,我们预测,结合这两种抵消效应的净效应在辛迪加规模和绩效之间产生反u型关系。我们进一步研究了非线性关系可能出现的两个边界条件。通过分析1990 - 2006年间1106家风险投资公司在美国信息通信技术行业为新企业组建的407个投资辛迪加,我们发现辛迪加规模与绩效之间呈倒u型关系。我们进一步发现,辛迪加合伙人之间的地理距离使倒u曲线趋平,而领先风投公司的良好声誉使倒u曲线向右移动。
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引用次数: 4
期刊
Venture Capital
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