风险投资的多样化和规模

IF 4 3区管理学 Q2 BUSINESS Eurasian Business Review Pub Date : 2024-02-21 DOI:10.1007/s40821-024-00258-7

Emanuele Teti, Alberto Dell’Acqua, Ada Bovsunovsky

{"title":"风险投资的多样化和规模","authors":"Emanuele Teti, Alberto Dell’Acqua, Ada Bovsunovsky","doi":"10.1007/s40821-024-00258-7","DOIUrl":null,"url":null,"abstract":"<p>We empirically examine the interaction between different types of diversification (stage, industry, geography) and portfolio size, i.e., number of investee companies, in explaining venture capital (VC) funds’ returns. We study a comprehensive dataset of 422 liquidated US VC funds to conduct multiple analyses in a large timeframe. The results show that large portfolio size and diversification in a limited number of industries contribute positively to fund performance, while stage and geographical diversification have no significant relationship with returns. Our findings can support both the practice of VC portfolio management in reaching better capital allocation efficiency and policymakers in providing guidance for VC fund development programmes backed by sovereign and international institutions.</p>","PeriodicalId":51741,"journal":{"name":"Eurasian Business Review","volume":null,"pages":null},"PeriodicalIF":4.0000,"publicationDate":"2024-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Diversification and size in venture capital investing\",\"authors\":\"Emanuele Teti, Alberto Dell’Acqua, Ada Bovsunovsky\",\"doi\":\"10.1007/s40821-024-00258-7\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We empirically examine the interaction between different types of diversification (stage, industry, geography) and portfolio size, i.e., number of investee companies, in explaining venture capital (VC) funds’ returns. We study a comprehensive dataset of 422 liquidated US VC funds to conduct multiple analyses in a large timeframe. The results show that large portfolio size and diversification in a limited number of industries contribute positively to fund performance, while stage and geographical diversification have no significant relationship with returns. Our findings can support both the practice of VC portfolio management in reaching better capital allocation efficiency and policymakers in providing guidance for VC fund development programmes backed by sovereign and international institutions.</p>\",\"PeriodicalId\":51741,\"journal\":{\"name\":\"Eurasian Business Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":4.0000,\"publicationDate\":\"2024-02-21\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Eurasian Business Review\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1007/s40821-024-00258-7\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Eurasian Business Review","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1007/s40821-024-00258-7","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS","Score":null,"Total":0}

引用次数: 0

摘要

我们通过实证研究了不同类型的多元化（阶段、行业、地域）与投资组合规模（即被投资公司数量）之间在解释风险投资（VC）基金回报方面的相互作用。我们研究了 422 家清算的美国风险投资基金的综合数据集，在大时间范围内进行了多项分析。结果表明，大的投资组合规模和在少数行业的多元化投资对基金业绩有积极的促进作用，而阶段和地域多元化投资与回报率没有显著关系。我们的研究结果既有助于风险投资组合管理实践，提高资本配置效率，也有助于政策制定者为主权和国际机构支持的风险投资基金发展计划提供指导。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

摘要图片

查看原文

微信好友朋友圈 QQ好友复制链接

本刊更多论文

Diversification and size in venture capital investing

We empirically examine the interaction between different types of diversification (stage, industry, geography) and portfolio size, i.e., number of investee companies, in explaining venture capital (VC) funds’ returns. We study a comprehensive dataset of 422 liquidated US VC funds to conduct multiple analyses in a large timeframe. The results show that large portfolio size and diversification in a limited number of industries contribute positively to fund performance, while stage and geographical diversification have no significant relationship with returns. Our findings can support both the practice of VC portfolio management in reaching better capital allocation efficiency and policymakers in providing guidance for VC fund development programmes backed by sovereign and international institutions.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Eurasian Business Review Multiple-

CiteScore

6.90

自引率

11.40%

发文量

期刊介绍： The Eurasian Business Review (EABR) publishes articles in Industrial Organization, Innovation and Management Science. In particular, EABR is committed to publishing empirical articles which provide significant contributions in the fields of the economics and management of innovation, industrial and business economics, corporate governance and corporate finance, entrepreneurship and organizational change, strategic management, accounting, marketing, human resources management, and information systems. While the main focus of EABR is on Europe and Asia, papers in the fields listed above on any region or country are highly encouraged. The Eurasian Business Review is one of the two official journals of the Eurasia Business and Economics Society (EBES) and is published quarterly.