| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22587 |
| 来源ID | Working Paper 22587 |
| How Do Venture Capitalists Make Decisions? | |
| Paul Gompers; William Gornall; Steven N. Kaplan; Ilya A. Strebulaev | |
| 发表日期 | 2016-09-01 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make decisions across eight areas: deal sourcing; investment selection; valuation; deal structure; post-investment value-added; exits; internal firm organization; and relationships with limited partners. In selecting investments, VCs see the management team as more important than business related characteristics such as product or technology. They also attribute more of the likelihood of ultimate investment success or failure to the team than to the business. While deal sourcing, deal selection, and post-investment value-added all contribute to value creation, the VCs rate deal selection as the most important of the three. We also explore (and find) differences in practices across industry, stage, geography and past success. We compare our results to those for CFOs (Graham and Harvey 2001) and private equity investors (Gompers, Kaplan and Mukharlyamov forthcoming). |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w22587 |
| 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/580261 |
| 推荐引用方式 GB/T 7714 | Paul Gompers,William Gornall,Steven N. Kaplan,et al. How Do Venture Capitalists Make Decisions?. 2016. |
| 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 | ||
| w22587.pdf（364KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
