a survey of venture capital research

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1、CHAPTER8ASurveyofVentureCapitalResearch*MarcoDaRina,ThomasHellmannb,andManjuPuricaDepartmentofFinance,TilburgUniversity,Tilburg,NetherlandsbSauderSchoolofBusiness,UniversityofBritishColumbiaandNBER,Vancouver,BC,CanadacFuquaSchoolofBusiness,DukeUniversityandNBER,Durham,NC,USAConten

2、ts1.Introduction5742.DataSourcesandMethodologyforEmpiricalResearch5772.1MainCommercialDatabases5772.2Hand-CollectedSurveyData5782.3ProprietaryIndustryData5792.4CensusDatabases5792.5OtherDatabases5802.6ChoiceofSample5802.7EmpiricalEstimationChallenges5823.VentureCapitalInvestmentsi

3、nEntrepreneurialCompanies5833.1InvestmentChoices5833.1.1SourcesofDealFlow5833.1.2TheChoiceBetweenVentureCapitalandAlternativeFundingSources5863.1.3TheChoiceAmongVentureCapitalFirms5883.2Contracting5893.2.1TheoriesofOptimalCashFlowandControlRights5893.2.2EmpiricalEvidenceonVentureC

4、apitalContracts5923.3Post-Investment5953.3.1Value-AddingServices5953.3.2TheStagingofVentureCapitalInvestments5973.4Exits5993.4.1TheDeterminantsofExitPerformance5993.4.2TheIPOProcessandPost-IPOPerformance6014.TheAnalysisofVentureCapitalFirms6044.1TheOrganizationalStructureofVenture

5、CapitalFirms6044.1.1CorporateVentureCapital6044.1.2Bank-OwnedVentureCapitalFirms608*WewouldliketothankKlazinavandenBergandYapingMaofortheirvaluableresearchassistance.Allerrorsareours.HandbookoftheEconomicsofFinance©2013ElsevierB.V.http://dx.doi.org/10.1016/B978-0-44-453594-8.00008

6、-2Allrightsreserved.573574MarcoDaRinetal.4.1.3Government-SponsoredVentureCapitalFirms6094.1.4TheInternalOrganizationofVentureCapitalFirms6104.2VentureCapitalFirms’InvestmentStrategies6124.2.1PortfolioSizeandScope6124.2.2Cross-BorderInvestments6134.3RelationshipsAmongVentureCapital

7、Firms6144.3.1SyndicationofVentureCapitalDeals6144.3.2SocialNetworksAmongVentureCapitalFirms6164.3.3VentureCapitalFirmReputation6164.4TheRelationshipBetweenGeneralandLimitedPartners6175.ReturnstoVentureCapitalInvestments6195.1DataandMethodologicalChallenges6205.1.1GrossVersusNetRet

8、urns6205.1.2DataAvailabilityandRe