社会影响风险投资:探索性研究

IF 2.8 4区 管理学 Q2 BUSINESS, FINANCE Venture Capital Pub Date : 2021-09-22 DOI:10.1080/13691066.2021.1982069
A. Croce, E. Ughetto, Giuseppe Scellato, F. Fontana
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引用次数: 5

摘要

在本文中,我们着眼于投资于努力实现积极社会影响的企业的风险投资基金(sivc)。我们观察到,sivc可能会采取两种不同的投资策略。一方面,他们选择盈利结果为负但增长模式有趣的公司。另一方面,他们不会忽视那些在投资时盈利但增长前景较低的老牌公司。然后,我们评估了这些sivc对被投资公司产生的影响:虽然我们没有观察到销售数据的显着改善,但所有模型都表明,总资产受到新股本筹集的积极影响。然而,当我们区分短期和长期影响时,我们的分析表明,sivc对总资产的影响集中在收到资金后的头几年,而在接下来的几年里则消失了。相反,从长期来看,sivc对销售有积极而显著的影响。总体证据似乎支持这样一种观点,即sivc支持目标公司向资本密集型和可扩展业务的增长和转型。
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Social impact venture capital investing: an explorative study
ABSTRACT In this paper, we look at venture capital funds that invest in enterprises striving to achieve a positive societal impact (SIVCs). We observe that SIVCs are likely to pursue two different investment strategies. On the one hand, they select companies with negative profitability results but interesting growth patterns. On the other hand, they do not disregard more established companies with profits but a reduced prospect of growth at the time of the investment. We then assess the impact that these SIVCs have generated on invested firms: while we do not observe significant improvements in the sales figures, all the models show that total assets have been positively affected by the new equity raised. However, when we disentangle between short- and long-term effects, our analysis reveals that the effect of SIVCs on total assets is concentrated on the first years after the receipt of capital, while it disappears in the following years. A positive and significant effect of SIVCs on sales is instead found in the long run. The overall evidence seems to support the view that SIVCs favor the growth and transformation of target firms towards more capital intensive and scalable businesses.
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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
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