跳至内容
The role of venture capitalists in financing and developing high-technology start-ups 線上預覽
關閉線上預覽
正在查...

The role of venture capitalists in financing and developing high-technology start-ups

作者: Hsu David H.
出版商: ©2001.
論文: Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2001.
版本/格式:   碩士/博士論文 : 碩士論文/博士論文 : 手稿   文檔資料 : 英語
資料庫:WorldCat
提要:
This dissertation addresses the interaction between venture capitalists (VCs) and start-up development through three essays. A common theme is that VCs serve important extra-financial and information brokering roles. In the first essay, using the setting of entrepreneurs obtaining financing from VCs, I empirically evaluate a market for affiliation with prominent partners. I hypothesize that the price for association
評定級別:

(尚未評分) 0 附有評論 - 成爲第一個。

 

在圖書館查詢

&AllPage.SpinnerRetrieving; 正在查詢有此資料的圖書館...

詳細書目

資料類型: 碩士論文/博士論文, 手稿
文件類型: 圖書, 文檔資料
所有的作者/貢獻者: Hsu David H.
OCLC系統控制編碼: 50323667
描述: 150 leaves : ill. ; 29 cm.
責任: by David H. Hsu.

摘要:

This dissertation addresses the interaction between venture capitalists (VCs) and start-up development through three essays. A common theme is that VCs serve important extra-financial and information brokering roles. In the first essay, using the setting of entrepreneurs obtaining financing from VCs, I empirically evaluate a market for affiliation with prominent partners. I hypothesize that the price for association is increasing in the prominence of the affiliation partner. By assembling a novel sample of start-ups with multiple financing offers, I analyze offers made by competing VCs at the first professional round of funding, holding characteristics of the start-up fixed. The estimated effects are economically significant, with a doubling of a VC's industrial deal experience in a start-up's industry, for example, associated with a six to nineteen percent discount in price paid to acquire start-up equity. The second essay, co-authored with Joshua Gans and Scott Stem, explores the determinants of commercialization strategy for start-up innovators by examining whether start-ups earn their returns to innovation through product market competition as opposed to cooperation with more established firms (either through licensing, strategic alliances or outright acquisition). Three variables in the start-up's commercialization environment affect the relative returns to a cooperative commercialization strategy: (a) the control of intellectual property rights (IPR), (b) low transaction costs, and (c) the cost of sunk assets associated with product market entry.

(Cont.) While the main finding is that control of IPR increases the relative return to cooperation over competition, we also find evidence that association with VC facilitates a cooperative strategy by lowering transaction costs to accessing information channels. The final essay examines the evolution of VC practices at one early and influential VC firm, American Research & Development (ARD), and the entry of alternative organizational forms in financing and developing early stage firms. The ARD case highlights the important practices associated with VC, and ARD's evolution of financing practices. Structural and business environment factors of VC seem to both leave a funding gap for early stage start-ups and concentrate investments, as measured by industrial sector and geographic location. Alternative organizational forms seem to have arisen to address these opportunities.

評論

讀者提供的評論
正在擷取GoodReads評論...
正在擷取DOGObooks的評論

標籤

成爲第一個
確認申請

你可能已經申請過這份資料。若還是想申請,請選確認。

連結資料


<http://www.worldcat.org/oclc/50323667>
library:oclcnum"50323667"
owl:sameAs<info:oclcnum/50323667>
rdf:typeschema:Book
rdf:typej.1:Thesis
schema:copyrightYear"2001"
schema:creator
schema:datePublished"2001"
schema:description"This dissertation addresses the interaction between venture capitalists (VCs) and start-up development through three essays. A common theme is that VCs serve important extra-financial and information brokering roles. In the first essay, using the setting of entrepreneurs obtaining financing from VCs, I empirically evaluate a market for affiliation with prominent partners. I hypothesize that the price for association is increasing in the prominence of the affiliation partner. By assembling a novel sample of start-ups with multiple financing offers, I analyze offers made by competing VCs at the first professional round of funding, holding characteristics of the start-up fixed. The estimated effects are economically significant, with a doubling of a VC's industrial deal experience in a start-up's industry, for example, associated with a six to nineteen percent discount in price paid to acquire start-up equity. The second essay, co-authored with Joshua Gans and Scott Stem, explores the determinants of commercialization strategy for start-up innovators by examining whether start-ups earn their returns to innovation through product market competition as opposed to cooperation with more established firms (either through licensing, strategic alliances or outright acquisition). Three variables in the start-up's commercialization environment affect the relative returns to a cooperative commercialization strategy: (a) the control of intellectual property rights (IPR), (b) low transaction costs, and (c) the cost of sunk assets associated with product market entry."
schema:description"(Cont.) While the main finding is that control of IPR increases the relative return to cooperation over competition, we also find evidence that association with VC facilitates a cooperative strategy by lowering transaction costs to accessing information channels. The final essay examines the evolution of VC practices at one early and influential VC firm, American Research & Development (ARD), and the entry of alternative organizational forms in financing and developing early stage firms. The ARD case highlights the important practices associated with VC, and ARD's evolution of financing practices. Structural and business environment factors of VC seem to both leave a funding gap for early stage start-ups and concentrate investments, as measured by industrial sector and geographic location. Alternative organizational forms seem to have arisen to address these opportunities."
schema:exampleOfWork<http://worldcat.org/entity/work/id/6284492>
schema:inLanguage"en"
schema:name"The role of venture capitalists in financing and developing high-technology start-ups"
schema:url

Content-negotiable representations

關閉視窗

請登入WorldCat 

没有帳號嗎?你可很容易的 建立免費的帳號.