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引用次数: 0
摘要
本研究分析了 D 表格的申报情况，以了解经纪初创公司的发行情况。大约 60% 的经纪人是在美国金融业监管局注册的，其余的 "中介 "则不是。经验丰富的投资者较少、本地经纪人较多的初创企业倾向于使用经纪人。风险投资公司很少参与中介发行，但非认证投资者会参与，尤其是与 "中介 "一起发行。总的来说，经纪人有助于筹集资金。然而，使用中介的初创企业往往无法在融资后成功退出并完成交易。这意味着中介可能会将非认可投资者的资金导向质量较低的初创企业。经纪人帮助初创企业在没有风险投资支持的情况下筹集资金，但这种资金分配的有效性尚不明确。
This study analyzes Form D filings to understand brokered startup offerings. About 60% of brokers are FINRA-registered; the rest, “finders,” are not. Startups with fewer seasoned investors and more local brokers tend to use brokers. Venture capital firms rarely join brokered offerings, but non-accredited investors do, especially offerings with finders. Overall, brokers aid in raising capital. Yet, startups using finders often fail to exit successfully and close following funding. This implies finders might be directing funds from non-accredited investors to lower-quality startups. Brokers help startups raise money without VC support, but the effectiveness of this capital allocation is unclear.
期刊介绍：
The Journal of Financial and Quantitative Analysis (JFQA) publishes theoretical and empirical research in financial economics. Topics include corporate finance, investments, capital and security markets, and quantitative methods of particular relevance to financial researchers. With a circulation of 3000 libraries, firms, and individuals in 70 nations, the JFQA serves an international community of sophisticated finance scholars—academics and practitioners alike. The JFQA prints less than 10% of the more than 600 unsolicited manuscripts submitted annually. An intensive blind review process and exacting editorial standards contribute to the JFQA’s reputation as a top finance journal.
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