Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence
利用硅谷初创企业的手工收集数据，发现风险投资与企业的人力资源政策、股票期权计划、营销副总裁招聘等专业化措施相关，且风投支持的公司更可能且更快地用外部CEO替换创始人。
ABSTRACT This paper examines the impact venture capital can have on the development of new firms. Using a hand‐collected data set on Silicon Valley start‐ups, we find that venture capital is related to a variety of professionalization measures, such as human resource policies, the adoption of stock option plans, and the hiring of a marketing VP. Venture‐capital‐backed companies are also more likely and faster to replace the founder with an outside CEO, both in situations that appear adversarial and those mutually agreed to. The evidence suggests that venture capitalists play roles over and beyond those of traditional financial intermediaries.