Venturing beyond the IPO: Financing of Newly Public Firms by Venture Capitalists
研究发现约15%的风险投资支持企业在上市后五年内仍从风投处融资，这主要是为解决信息问题、支持价值增长的投资，而非代理冲突所致。
ABSTRACT Contrary to conventional wisdom, we document that approximately 15% of venture capitalist (VC)‐backed firms raise additional capital from VCs in the five years after going public. We propose two explanations for why firms revert to VC financing post‐IPO (initial public offering). First, we hypothesize that VC participation in post‐IPO financing represents an efficient solution to informational problems that would otherwise constrain firms’ abilities to exploit value‐increasing investments. Analyses of firm and VC characteristics, together with the finding that these investments are value‐increasing for both VCs and the underlying companies, support this hypothesis. We find no support for the alternative that agency conflicts motivate these investments.