VC ownership post‐IPO: When, why, and how do VCs exit?
研究了领投风投在公司上市后如何逐步退出，发现流动性压力和股市表现加速退出，而声誉、监督和公司质量则延缓退出，退出方式包括公开市场出售、股份分配和并购。
Abstract We examine the evolution of lead venture capital firm (VC) ownership after their portfolio companies (PCs) are publicly listed. We find that, on average, lead VCs retain their shares for three years post‐IPO. Higher liquidity pressure and better stock market performance lead to faster VC exits, while higher VC reputation, better VC monitoring, and higher quality PCs lead to slower exits. VCs mostly use sales in the open market, share distributions, and mergers and acquisitions to divest their shares. Higher liquidity pressure incentivizes VCs to use majority share distributions, while better stock market performance increases their preference for continuous sales.