| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27591 |
| 来源ID | Working Paper 27591 |
| The Leveraging of Silicon Valley | |
| Jesse Davis; Adair Morse; Xinxin Wang | |
| 发表日期 | 2020-07-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Early-stage firms utilize venture debt in one-third of financing rounds despite their general lack of cash flow and collateral. In our model, we show how venture debt aligns incentives within a firm. We derive a novel theoretical channel in which runway extension through debt increases firm value while potentially lowering closure. Consistent with the model's mechanism, we find that dilution predicts venture debt issuance. Empirically, treatment with venture debt lowers closure hazard by 1.6-4.4% and increases successful exits by 4.3-5.3%. Back-of-the-envelope calculations suggest $41B, or 9.4% of invested capital, remains productive due to venture debt. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Industrial Organization ; Firm Behavior ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w27591 |
| 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/585262 |
| 推荐引用方式 GB/T 7714 | Jesse Davis,Adair Morse,Xinxin Wang. The Leveraging of Silicon Valley. 2020. |
| 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 | ||
| w27591.pdf（690KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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