Banks Versus Venture Capital : Project Evaluation, Screening, And Expropriation  

Oleh:

Ueda, Masako

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 2 (Apr. 2004), page 601-622.
Topik: VENTURE CAPITAL; venture capital; corporate banking; decision making; models; studies; financing
Fulltext: p 601.pdf (144.29KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Why do some start - up firms raise funds banks and others from venture capitalists ? To address this question, I study a model in which the venture capitalist can evaluate the entrepreneur's project more accurately than the bank but can also threaten to steal it from the entrepreneur. Consistent with evidence regarding venture capital finance, the model implies that the characteristics of a firm financing through venture capitalists are relatively little collateral, high growth, high risk and high profitability. The model also suggests that tighter protection of intellectual property rights encourages entrepreneurs to finance through venture capitalists.

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