Venture–Backed Firms: How Does Venture Capital Involvement Affect Their Likelihood of Going Public or Being Acquired?
研究了风险资本参与程度（包括VC的知名度、数量、投资时机、持续时间和规模）如何影响创业企业通过上市或被收购退出的可能性，发现不同维度对两种退出方式的影响存在差异。
This paper investigates how venture capitalists’ involvement in new ventures affects the likelihood of entrepreneurial exit, either via an acquisition or via an initial public offering. We examine the prominence of venture capitals (VCs), the number of VCs invested in a company, as well as the timing, duration, and magnitude of their investments in new ventures. We find that each of these dimensions directly explains entrepreneurial exit, although their effects tend to differ depending on whether the exit occurs via an acquisition or an initial public offering (IPO). These results withstand several robustness checks and offer a more precise account of how the relationship between new ventures and VC firms unfolds in the early years of the entrepreneurial cycle.