早期股权融资背景下的信号:回顾与方向

IF 2.8 4区 管理学 Q2 BUSINESS, FINANCE Venture Capital Pub Date : 2022-04-18 DOI:10.1080/13691066.2022.2063092
Mojca Svetek
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引用次数: 12

摘要

摘要获得早期股权融资对高潜力新企业的成长至关重要。为了理解企业家如何获得外部融资,研究人员研究了企业家向投资者发出的不同信号的有效性。在本文中,我们概述了目前使用信号理论来研究从天使投资者和风险资本家那里获得资金的可能性和成功的研究。内容分析表明,实证研究已经很好地探讨了授予、先前投资以及公司人力资本和社会资本对早期股权投资者的信号价值。然而,我们发现关于早期股权投资者的信号效应的文献是碎片化的,缺乏理论化。我们注意到,虽然使用信号理论来解释获得早期股权融资的成功的研究数量有所增加,但该理论仍然未得到充分利用,尽管它适合于这一特定的研究领域。我们描述了信号理论的核心思想,以及研究人员如何在风险投资和天使投资的背景下应用它们。我们讨论了这一研究流如何建立和扩展信号理论,并强调了未来研究的有希望的途径。
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Signaling in the context of early-stage equity financing: review and directions

ABSTRACT

Access to early-stage equity financing is vital to the growth of high-potential new ventures. To understand how entrepreneurs obtain external financing, researchers have studied the effectiveness of different signals that entrepreneurs send to investors. In this paper, we provide an overview of current research that uses signaling theory to study the likelihood and success of obtaining funding from angel investors and venture capitalists. The content analysis reveals that empirical research has well explored the signaling value of grants, prior investments, and the human and social capital of the firm to early-stage equity investors. However, we find that the literature on signaling effects on early-stage equity investors is fragmented and undertheorized. We note that while there has been an increase in the number of studies using signaling theory to explain success in obtaining early-stage equity financing, the theory remains underutilized, despite its suitability for this particular area of research. We describe the core ideas of signaling theory and how researchers have applied them in the context of venture capital and angel investing. We discuss how this stream of research can build on and extend signaling theory and highlight promising avenues for future research.

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来源期刊
Venture Capital
Venture Capital BUSINESS, FINANCE-
CiteScore
4.10
自引率
16.70%
发文量
21
期刊介绍: Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy
期刊最新文献
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