| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w29211
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| 来源ID | Working Paper 29211
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| Venture Capitalists\u2019 Access to Finance and Its Impact on Startups |
| Jun Chen; Michael Ewens
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| 发表日期 | 2021-09-06
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| 出版年 | 2021
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| 语种 | 英语
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| 摘要 | Although an extensive literature shows that startups are financially constrained and that constraints vary by geography, the source of these constraints is still relatively unknown. We explore intermediary financing constraints, a channel studied in the banking literature, but only indirectly addressed in the venture capital (VC) literature. Our empirical setting is the VC fundraising and startup financing environment around the passage of the Volcker Rule, which restricted banks’ ability to invest in venture capital funds as limited partners (LPs). The rule change disproportionately impacted regions of the U.S. historically lacking in VC financing. We find that a one standard deviation increase in VCs’ exposure to the loss of banks as LPs led to an 18% decline in fund size and about a 10% decrease in the likelihood of raising a follow-on fund. Startups were not completely cushioned from the additional constraints on their VCs: capital raised fell and pre-money valuations declined. Overall, VC financing constraints manifest as fewer, smaller funds that change investment strategy and experience increases in bargaining power. Last, we show that the rule change increased the likelihood startups move out of impacted states, thus exacerbating the geographic disparity in high-growth entrepreneurship. |
| 主题 | Financial Economics
; Financial Institutions
; Other
; Law and Economics
; Industrial Organization
; Firm Behavior
|
| URL | https://www.nber.org/papers/w29211
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586884
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推荐引用方式
GB/T 7714 |
Jun Chen,Michael Ewens. Venture Capitalists\u2019 Access to Finance and Its Impact on Startups. 2021.
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文件名：
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w29211.pdf
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格式：
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Adobe PDF
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