The Impact of Venture Capital Monitoring
研究发现风险投资家实地参与被投公司能提升创新和成功退出概率，利用新航线开通作为外生变量排除选择效应，并通过大规模调查确认直接航班增加互动。
ABSTRACT We show that venture capitalists' (VCs) on‐site involvement with their portfolio companies leads to an increase in both innovation and the likelihood of a successful exit. We rule out selection effects by exploiting an exogenous source of variation in VC involvement: the introduction of new airline routes that reduce VCs' travel times to their existing portfolio companies. We confirm the importance of this channel by conducting a large‐scale survey of VCs, of whom almost 90% indicate that direct flights increase their interaction with their portfolio companies and management, and help them better understand companies' activities.