عنوان انگلیسی مقاله:
How do venture capitalists make decisions?
ترجمه فارسی عنوان مقاله:
سرمایه گذاران خطرپذیر چگونه تصمیم می گیرند؟
Sciencedirect - Elsevier - Journal of Financial Economics, 135 (2020) 169-190: doi:10:1016/j:jfineco:2019:06:011
Paul A. Gompers
We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make
decisions. Using the framework in Kaplan and Strömberg (2001), we provide detailed information on VCs’ practices in pre-investment screening (sourcing evaluating and selecting
investments), in structuring investments, and in post-investment monitoring and advising. In selecting investments, VCs see the management team as somewhat more important than business-related characteristics such as product or technology although there is
meaningful cross-sectional variation across company stage and industry. VCs also attribute
the ultimate investment success or failure more to the team than to the business. While
deal sourcing, deal selection, and post-investment value-added all contribute to value creation, the VCs rate deal selection as the most important of the three. We compare our
results to those for chief financial officers (Graham and Harvey, 2001) and private equity
investors (Gompers et al., 2016a).
Keywords: Venture capital | Value creation | Capital structure | Entrepreneurship