外资风险投资.docxVIP

INTRODUCTIONThe last decade has seen an increase in international participation in venture investments and the globalization of venture capital (e.g., Guler Guillen, 2010). A sizable portion of this capital has flowed to emerging markets (Chakma, Sammut, Agrawal, 2013), notwithstanding evidence that the poor-governance environments characteristic of such markets tend to affect venture capital outcomes negatively. While it is arguable that geographic distance might make it difficult for venture capitalists (VCs) to monitor and mentor portfolio companies (Humphery-Jenner Suchard, 2013; Lutz, Bender, Achleitner, Kaserer, 2012), foreign VCs sometimes try to justify their presence by arguing that they can facilitate internationalization by enabling portfolio companies to list on foreign exchanges. The purpose of this paper is to test the claim that foreign VCs can indeed facilitate internationalization of portfolio companies. 过去十年，我们见证了风险投资的国际参与和风险资本全球化的加强(e.g., Guler Guillen, 2010)。相当部分的资本流向新兴市场(Chakma、Sammut 阿格拉沃尔,2013),尽管有证据表明,这些市场的治理不善环境特点倾向于负面影响风险资本的结果。虽然是言之成理的地理距离可能会使风险投资(vc)很难监控和指导投资公司(Humphery-Jenner Suchard,2013;Lutz本德,阿赫莱特纳,卡泽尔,2012年),外国风险投资有时试图证明他们的存在被认为他们可以促进国际化通过使投资组合公司在国外上市。本文的目的是为了测试声称外国风险投资确实可以促进投资组合公司的国际化。Listing on a foreign exchange can be an important strategic decision for a firm, potentially providing access to overseas customers and additional capital (Moore, Bell, Filatotchev, Rasheed, 2012). Less mature firms (such as start-ups) might have difficulties listing on foreign exchanges, owing to problems of information asymmetry and home asset bias (Bell, Filatotchev, Rasheed, 2012; Caglio, Hanley, Marietta-Westberg, 2011), problems likely to be especially severe for companies in developing markets attempting to list in developed markets (Moore, Bell, Filatotchev, 2010). Foreign VCs (i.e., VCs that operate across borders) could help to overcome information asymmetries, as foreign institutional investors are often associated with the transmis