Venture capital and methods of payment in mergers and acquisitions
研究发现，风险投资支持的目标公司在并购中更倾向于获得股票支付，尤其是当收购方为小型、年轻、高风险或高研发投入企业时，且知名风投、联合风投或基金期限短的风投支持的交易中股票比例更高。
Abstract We find evidence that venture capital (VC)‐backed targets receive more stock as the method of payment in mergers and acquisitions than non‐VC‐backed targets do, even after controlling for self‐selection bias, differences of characteristics between transactions of VC‐backed and non‐VC‐backed targets and VC information bridge‐building. VC‐backed targets prefer stock of acquirers that are small, young, risky or invest intensively. In addition, we document that the ratio of stock is larger when the targets are financed by reputable VCs, a syndicate of VCs or VCs with low fund maturity. Overall, our findings suggest that VCs strategically hold shares of the acquirers that meet their investment preferences.