The Entrepreneurial Finance of Fintech Firms and the Effect of Investments in Fintech Startups on the Performance of Corporate Investors
分析了企业对金融科技初创公司的直接投资如何影响初创公司表现及投资方绩效，发现投资能提升初创公司成功退出、创新质量，并改善金融服务业投资者的运营和市值表现。
Abstract We analyze how corporate direct investments in fintech startups affect startup performance and that of investing firms. Corporate investment in fintech startups is associated with a greater likelihood of successful exit, more and higher-quality innovation, and a greater inflow of high-quality inventors. A stacked difference-in-differences analysis shows that direct investments enhance the operating performance and equity-market valuation of corporate investors in the financial services sector, but not those in the nonfinancial sector. We establish two channels that drive fintech startups’ performance improvements: strategic alliance formation between investors and startups, and enhanced startup monitoring by corporate investors.