Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation
通过模型分析创业企业为何选择银行或风险投资融资，发现风险投资更青睐低抵押、高增长、高风险、高利润的项目，且知识产权保护加强会促使企业选择风险投资。
ABSTRACT Why do some start‐up firms raise funds from banks and others from venture capitalists? To address this question, I study a model in which the venture capitalist can evaluate the entrepreneur's project more accurately than the bank but can also threaten to steal it from the entrepreneur. Consistent with evidence regarding venture capital finance, the model implies that the characteristics of a firm financing through venture capitalists are relatively little collateral, high growth, high risk, and high profitability. The model also suggests that tighter protection of intellectual property rights encourages entrepreneurs to finance through venture capitalists.