What Matters in Venture Capital? Evidence from Entrepreneurs’ Stated Preferences
研究美国企业家如何评估不同风险投资机构（VC）的增值能力，发现企业家更青睐独立合伙制VC，且其偏好受自身VC接触经验影响。
We study how entrepreneurs evaluate the ability of different US venture capitalists (VCs) to add value to start‐up companies. Analyzing a large data set of entrepreneurs’ stated preferences regarding VCs, we demonstrate that entrepreneurs view independent partnership VCs more favorably than other VC types (e.g., corporate, financial, and government sponsored VCs). Although entrepreneurs are able to correctly identify VCs with better track records, they do not believe them to be more desirable investors. We also find that an entrepreneur's rankings are affected by their overall exposure to VCs, emphasizing the role of experiential learning in the venture capital market.