Venture Capitalists’ Experience and Foreign IPOs: Evidence from China
结合信号理论与社会网络理论，研究了风险投资家的IPO经验对中国企业在美国或中国股市上市成功率的影响，发现美国风投的经验能提高赴美上市概率，而中国风投的美国经验也有同样效果但在中国无效。
Integrating signaling theory with social network theory, we investigate the influence of venture capitalists’ (VCs’) IPO experience on the likelihood of foreign IPO successes. Using data from VC–backed Chinese companies listed on the U.S. or Chinese stock markets from 2002 to 2012, we find that U.S. VCs’ experience in either market increases the chance of listing in the United States. However, Chinese VCs’ experience in the United States plays the same role, but not in China. For entrepreneurs who desire to pursue opportunities in international capital markets, the novel findings offer important implications in their VC selection decisions.