Strategic benefits to firms issuing private equity placements
研究发现，发行私募股权能帮助年轻科技企业降低信息不对称带来的风险，从而更有效地获取资本、研究伙伴和商业伙伴，带来长期战略利益。
Abstract For young technology firms, acquiring resources can often be costly due to the information asymmetry and uncertainty that exist surrounding the new technology. We contend that firms able to issue private equity can better manage their ability to mobilize three kinds of resources: capital, research partners, and commercial partners. We investigate the existence of long‐term, strategic benefits to private placements, and a number of factors may determine the long‐term effectiveness of this governance form. Overall, the empirical analyses demonstrates that private placements provide long‐term benefits to firms by reducing hazards associated with information asymmetry. Copyright © 2003 John Wiley & Sons, Ltd.