资源描述：
《The Venture Capital Revolution》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、JournalofEconomicPerspectivesÐVolume15,Number2ÐSpring2001ÐPages145±168TheVentureCapitalRevolutionPaulGompersandJoshLernerenturecapitalhasdevelopedasanimportantintermediaryin®nancialmarkets,providingcapitalto®rmsthatmightotherwisehavedif®cultyVattracting®na
2、ncing.These®rmsaretypicallysmallandyoung,plaguedbyhighlevelsofuncertaintyandlargedifferencesbetweenwhatentrepreneursandinvestorsknow.Moreover,these®rmstypicallypossessfewtangibleassetsandoperateinmarketsthatchangeveryrapidly.Venturecapitalorganizations®nan
3、cethesehigh-risk,potentiallyhigh-rewardprojects,purchasingequityorequity-linkedstakeswhilethe®rmsarestillprivatelyheld.Theventurecapitalindustryhasdevelopedavarietyofmechanismstoovercometheproblemsthatemergeateachstageoftheinvestmentprocess.Atthesametime,t
4、heventurecapitalprocessisalsosubjecttovariouspathologiesfromtimetotime,whichcancreateproblemsforinvestorsorentrepreneurs.Theprimaryfocusofthisarticleisondrawingtogethertheempiricalacademicresearchonventurecapitalandhighlightingwhatisstillnotknown.Withthisf
5、ocusinmind,fourlimitationsshouldbeacknowledgedattheoutset.First,thispaperwillnotaddressthemanytheoreticalpapersthatexaminevariousaspectsoftheventurecapitalmarket,muchofitexaminingtherolethatventurecapitalistsplayinmitigatingagencycon¯ictsbetweenentrepreneu
6、rial®rms1andoutsideinvestors.Second,thisarticledoesnotfocusontheintricaciesofthe1Forastartingpointtothistheoreticalliteratureonventurecapital,theinterestedreadermightbeginwiththefollowing:CornelliandYosha(1997),Hellmann(1998),andMarx(1994)focusontheactivem
7、onitoringandadvicethatisprovidedbyventurecapitalists;Amit,GlostenandMuller(1990a),(1990b)andChan(1983)focusonthescreeningmechanismsemployed;Bergloff(1994)looksattheincentivestoexit;AdmatiandP¯eiderer(1994)considerthepropersyndicationoftheinvestment;andBerg
8、e-mannandHege(1998)modelthestagingoftheinvestment.yPaulGompersandJoshLernerareProfessorsofBusinessAdministration,GraduateSchoolofBusinessAdministration,HarvardUniversity,Boston,Massachusetts,andResearchAssoci
