Does the Presence of Venture Capitalists Improve the Survival Profile of IPO Firms?
研究风险投资家是否通过影响管理层、投资银行家和分析师等市场参与者，改善了IPO公司的生存状况。使用Cox风险模型分析发现，风险投资参与能提升IPO公司的生存时间。
The role of venture capital in the creation of the public corporation is now widely recognized. This study investigates whether venture capitalists add value to the going public process by improving the survival profile of IPO issuers. The survival of IPO issuers is not only likely to depend on managerial actions but also on the effectiveness of key market participants such as investment bankers and analysts. The form and function of the venture capital industry allows venture capitalists to influence the actions of managers, investment bankers, and analysts, and attract institutional interest. Conducting survival analyses using the Cox hazard methodology, we find that the involvement of venture capitalists improves the survival profile of IPO firms. Several other variables that are potentially influenced by VC involvement like R&D allocations, analyst following, investment banker prestige, and success on road shows are also positively related to the survival time of IPO issuers.