| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10535 |
| 来源ID | Working Paper 10535 |
| Building Relationships Early: Banks in Venture Capital | |
| Thomas Hellman; Laura Lindsey; Manju Puri | |
| 发表日期 | 2004-06-07 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | The importance of an investor's organizational structure is increasingly recognized in modern finance. This paper examines the role of banks in the US venture capital market. Theory suggests that unlike independent venture capital firms, banks can seek complementarities between their venture capital and lending activities. Our empirical analysis suggests that banks use their venture capital investments to build relationships for their lending activities. Banks target their venture investments to companies that are more likely to subsequently raise loans, and having made an investment as a venture capitalist increases a bank's likelihood of providing a loan. Companies may benefit from these relationships through more favorable loan pricing. The analysis suggests that banks are strategic investors in the venture capital market with investment patterns distinct from independent venture capitalists. It also provides a cautionary note for relying on banks for the development of a venture capital industry. |
| 主题 | Financial Economics ; Financial Institutions ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w10535 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568164 |
| 推荐引用方式 GB/T 7714 | Thomas Hellman,Laura Lindsey,Manju Puri. Building Relationships Early: Banks in Venture Capital. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10535.pdf（263KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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