The impact of venture capital on the productivity growth of European entrepreneurial firms: 'Screening' or 'value added' effect?

被引：181

作者：

Croce, Annalisa ^{[1
]}

Marti, Jose ^{[2
]}

Murtinu, Samuele ^{[1
]}

机构：

[1] Politecn Milan, I-20156 Milan, Italy

[2] Univ Complutense Madrid, Madrid 28223, Spain

来源：

JOURNAL OF BUSINESS VENTURING | 2013年 / 28卷 / 04期

关键词：

Venture capital; Entrepreneurial firms; Screening; Value added; Imprinting effect; RESEARCH-AND-DEVELOPMENT; TECHNOLOGY-BASED FIRMS; TECH START-UPS; PRIVATE EQUITY; STRATEGIC ENTREPRENEURSHIP; CORPORATE DIVERSIFICATION; MANUFACTURING FIRMS; EMPIRICAL-ANALYSIS; DOMESTIC FIRMS; PANEL-DATA;

D O I：

10.1016/j.jbusvent.2012.06.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We aim to ascertain to what extent the better performance of European venture capital (VC)-backed firms in high-tech industries is due to either 'screening' or 'value added' provided by VC investors. We compare portfolio firms' productivity growth before and after the first VC round, using a matched control group as benchmark. We show that productivity growth is not significantly different between VC and non-VC-backed firms before the first round of VC financing, whereas significant differences are found in the first years after the investment event. We also find that the value-adding services provided by VC investors 'imprint' the portfolio firm. (C) 2012 Elsevier Inc. All rights reserved.

引用

页码：489 / 510

页数：22

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