Foreign Business Activities, Foreignness of the VC Syndicate, and IPO Value
研究外国风投公司在美国IPO中的作用，发现外国风投与本土风投联合能认证投资组合公司质量、提供咨询以增加外国商业活动，从而提高IPO溢价。
This article examines the role played by foreign venture capital (VC) firms in U.S. initial public offerings (IPOs). We find that U.S. VC–backed IPOs benefit from the foreignness of the VC syndicate. Specifically, jointly with domestic VC firms, foreign VC firms certify the quality of their portfolio companies at the time of the IPO, which increases their IPO premium. Foreign VC firms also play an advisory role, enhancing the foreign business activities of their U.S. investees, thereby increasing the IPO premium. Finally, value added by foreign VC firms is greater through their monitoring role if they originate from countries where the investee has foreign business activities.