{"title":"创业公司为何要转换风险投资主导?双面匹配视角","authors":"","doi":"10.1016/j.ribaf.2024.102498","DOIUrl":null,"url":null,"abstract":"<div><p>This paper investigates the dynamics of a switch in the lead venture capital (VC) caused by a low degree of match between the entrepreneur and VC in the previous round of investing through theoretical and empirical analysis using a large sample from the Chinese venture capital market. The results show that the lower the degree of match is, the higher the likelihood that entrepreneurial firms will switch the lead VC. The rematching of firms and VCs is also a dynamic process of switching lead VCs in the venture capital market. Especially, in multiple rounds, for both subsamples of rising startup quality and rising VC quality, we find that the lower the matching degree in the previous round, the more likely a lead VC switch occurs. However, there is no significant difference in the effect of the matching degree in the previous round on the lead VC switch in the following round in both subsamples. We also show that a lead VC switch is more likely when startups are in the growth stage, mature stage, and high-tech industries. In addition, we confirm that a lead VC switch improves the success of startups. Specifically, whether the quality of a startup rises or falls, only lead VC switches at the early stage are conducive to the VC exits and the startup’s success. In the early stage, the lead VC switch is a great shot in the arm for the company’s success, whereas, in the later stage, the lead VC switch is only the icing on the cake.</p></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3000,"publicationDate":"2024-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Why do entrepreneurial firms switch lead venture capital? A double-sided matching perspective\",\"authors\":\"\",\"doi\":\"10.1016/j.ribaf.2024.102498\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper investigates the dynamics of a switch in the lead venture capital (VC) caused by a low degree of match between the entrepreneur and VC in the previous round of investing through theoretical and empirical analysis using a large sample from the Chinese venture capital market. The results show that the lower the degree of match is, the higher the likelihood that entrepreneurial firms will switch the lead VC. The rematching of firms and VCs is also a dynamic process of switching lead VCs in the venture capital market. Especially, in multiple rounds, for both subsamples of rising startup quality and rising VC quality, we find that the lower the matching degree in the previous round, the more likely a lead VC switch occurs. However, there is no significant difference in the effect of the matching degree in the previous round on the lead VC switch in the following round in both subsamples. We also show that a lead VC switch is more likely when startups are in the growth stage, mature stage, and high-tech industries. In addition, we confirm that a lead VC switch improves the success of startups. Specifically, whether the quality of a startup rises or falls, only lead VC switches at the early stage are conducive to the VC exits and the startup’s success. In the early stage, the lead VC switch is a great shot in the arm for the company’s success, whereas, in the later stage, the lead VC switch is only the icing on the cake.</p></div>\",\"PeriodicalId\":51430,\"journal\":{\"name\":\"Research in International Business and Finance\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-07-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Research in International Business and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0275531924002915\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531924002915","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Why do entrepreneurial firms switch lead venture capital? A double-sided matching perspective
This paper investigates the dynamics of a switch in the lead venture capital (VC) caused by a low degree of match between the entrepreneur and VC in the previous round of investing through theoretical and empirical analysis using a large sample from the Chinese venture capital market. The results show that the lower the degree of match is, the higher the likelihood that entrepreneurial firms will switch the lead VC. The rematching of firms and VCs is also a dynamic process of switching lead VCs in the venture capital market. Especially, in multiple rounds, for both subsamples of rising startup quality and rising VC quality, we find that the lower the matching degree in the previous round, the more likely a lead VC switch occurs. However, there is no significant difference in the effect of the matching degree in the previous round on the lead VC switch in the following round in both subsamples. We also show that a lead VC switch is more likely when startups are in the growth stage, mature stage, and high-tech industries. In addition, we confirm that a lead VC switch improves the success of startups. Specifically, whether the quality of a startup rises or falls, only lead VC switches at the early stage are conducive to the VC exits and the startup’s success. In the early stage, the lead VC switch is a great shot in the arm for the company’s success, whereas, in the later stage, the lead VC switch is only the icing on the cake.
期刊介绍:
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance