Friends or foes? The interrelationship between angel and venture capital markets

被引：91

作者：

Hellmann, Thomas ^{[1
]}

Thiele, Veikko ^{[2
]}

机构：

[1] Univ Oxford, Said Business Sch, Oxford OX1 1HP, England

[2] Queens Univ, Queens Sch Business, Kingston, ON K7L 4V1, Canada

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2015年 / 115卷 / 03期

关键词：

Entrepreneurship; Angel investors; Venture capital; Start-ups; Search; RESEARCH-AND-DEVELOPMENT; START-UP FIRMS; SEARCH EQUILIBRIUM; DESTRUCTION; INNOVATION;

D O I：

10.1016/j.jfineco.2014.10.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper develops a theory of how angel and venture capital markets interact. Entrepreneurs first receive angel then venture capital funding. The two investor types are 'friends' in that they rely upon each other's investments. However, they are also 'foes,' because at the later stage the venture capitalists no longer need the angels. Using a costly search model we derive the equilibrium deal flows across the two markets, endogenously deriving market sizes, competitive structures, valuation levels, and exit rates. We also examine the role of legal protection for angel investments. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：639 / 653

页数：15

共 48 条

[1] ROBUST FINANCIAL CONTRACTING AND THE ROLE OF VENTURE CAPITALISTS [J].