风险资本在创造更可持续社会中的作用:退出在清洁能源投资增长中的作用

4区 管理学 Q3 Economics, Econometrics and Finance Advances in Strategic Management-A Research Annual Pub Date : 2018-07-31 DOI:10.1108/S0742-332220180000038011
A. Ginsberg, A. Marcus
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引用次数: 6

摘要

风险资本在清洁能源(CE)技术中的作用可以在创建可持续社会方面具有变革性。然而,风险资本家在支持这些技术方面能走多远还是有限制的。这些限制的存在是因为主要利益相关者群体对风险投资的绩效期望。考虑到风险投资公司在投资未经证实的初创公司时所承担的高风险,风险投资公司的财务支持者期望获得丰厚的投资回报。本章探讨了风险投资公司对其主要支持者的财务义务对其在实现更可持续的全球社会中的作用的限制。它调查了风险投资公司对CE退出(首次公开发行(ipo)和收购)的反应,并在将风险投资公司的退出记录与同行进行比较时,显示了先前的CE退出如何影响CE投资增长。本章表明,只有当累计退出数量大大超过同行时,vc才会增加CE投资,而当累计退出数量仅略高于同行时,vc会减少这些投资。本章认为,风险投资之所以会有这样的反应,是因为风险投资公司对其金融支持者的依赖所带来的财务压力。
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Venture Capital’s Role in Creating a More Sustainable Society: The Role of Exits in Clean Energy’s Investment Growth
Abstract Venture capital’s role in clean energy (CE) technologies can be transformative in creating a sustainable society. Yet there are limitations on how far venture capitalists (VCs) can go in supporting these technologies. These limits exist because of the performance expectations of the main stakeholder group who hold VCs accountable. The financial backers of VCs expect an exceptional return on their investment, given the high level of risk they take on when they invest in unproven startups. This chapter explores the constraints that the financial obligations VCs have to their main backers put on their role in bringing about a more sustainable global society. It investigates VC firms’ responses to CE exits (initial public offerings (IPOs) and acquisitions) and shows how prior CE exits affect CE investment growth when we compare VCs exit records to that of their peers. This chapter demonstrates that VCs only increase CE investments when the cumulative number of exits substantially exceed that of their peers, while they decrease these investments when the cumulative number of their exits only moderately outpace that of their peers. The chapter suggests that the reason VCs respond in this way is the financial pressure VCs experience because of their dependence on their financial backers.
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期刊介绍: Advances in Strategic Management is dedicated to communicating innovative, new research that advances theory and practice in Strategic Management. The domain of the series encompasses, but is not limited to, corporate and business unit strategy, strategic organization and process, alliances and networks, and competitive dynamics. The series is committed to expanding the scope of Strategic Management theory and analysis and enriching practice by: -Encouraging multitheoretical approaches that span multiple social science disciplines -Welcoming papers using a diversity of innovative research methods -Creating focused volumes that explore in depth promising new research directions, consolidate research streams, and address significant current theoretical and practical problems.
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