What Do Entrepreneurs Pay for Venture Capital Affiliation?
研究声誉好的风险投资机构（VC）的认证和增值作用。通过分析初创企业收到的多个融资要约，发现高声誉VC的报价被接受概率是其他VC的三倍，且能以10-14%的折扣获得股权，表明其非财务价值比财务资本更独特。
ABSTRACT This study empirically evaluates the certification and value‐added roles of reputable venture capitalists (VCs). Using a novel sample of entrepreneurial start‐ups with multiple financing offers, I analyze financing offers made by competing VCs at the first professional round of start‐up funding, holding characteristics of the start‐up fixed. Offers made by VCs with a high reputation are three times more likely to be accepted, and high‐reputation VCs acquire start‐up equity at a 10–14% discount. The evidence suggests that VCs' “extra‐financial” value may be more distinctive than their functionally equivalent financial capital. These extra‐financial services can have financial consequences.