Why Do Entrepreneurs Switch Lead Venture Capitalists?
研究了创业企业更换主投风险投资机构的现象，发现感知质量提升的企业更可能换到更知名的风投，但换到更知名风投的企业在后续融资中会接受更小的投资额和更低的估值。
We examine the dynamics of the positive sorting in the venture capital industry. Our findings indicate that switching lead venture capitalists (VCs) is not uncommon during the course of entrepreneurial firms’ development. Companies with upwardly revised perceived quality are more likely to switch to more reputable VCs. Further, companies that switch lead VCs obtain larger capital infusion and higher pre–money valuation. However, companies that switch to more reputable VCs accept smaller investment size and lower pre–money valuation in follow–on rounds. In addition, it takes significantly more time for switchers with downwardly revised perceived quality to obtain subsequent financing.