A Property Rights Perspective on Venture Capital Investment Decisions
研究了产权安排差异如何影响风险资本公司的投资决策，发现私人、公司和银行附属的风险资本公司在投资机会范围与类型上扮演不同角色。
abstract To understand how ownership differences influence specific types of strategic decisions, we examine the investment decisions of venture capital (VC) firms, for which a variety of property rights arrangements exist. We describe how VC firms are characterized by important differences in how and to whom various property rights are allocated. On this basis, we develop a series of hypotheses regarding differences in the range and types of investment opportunities pursued by private, corporate, and bank affiliated VC firms. Evaluating our hypotheses using data on investments carried out by 3557 firms, we find that these types of firm perform distinct roles in the ecology of VC financing.