The Journal of Finance Volume 71, Issue4, August 2016, Pages1591—1622

风险投资监控的影响

作者：Shai Bernstein (Stanford University-Graduate School of Business), Xavier Giroud (MIT-Sloan School of Management), Richard Townsend (Tuck School of Business-Dartmouth College)

摘要：本文显示风险投资者会促进公司的创新性和成功退出的可能性。在风险监测的过程中，我们通过探索一个外生变量来排除选择效应：引进“新航线”来降低风险投资人成功退出的“航行时间”。我们做了大量的调查来验证这个方法的重要性，90%的风险投资显示“直航”加强了他们对公司以及管理的联系，帮助他们更好地了解公司的行动。

The Impact of Venture Capital Monitoring

Shai Bernstein (Stanford University-Graduate School of Business), Xavier Giroud (MIT-Sloan School of Management), Richard Townsend (Tuck School of Business-Dartmouth College)

ABSTRACT

We show that venture capitalists' (VCs) on-site involvement with their portfolio companies leads to an increase in both innovation and the likelihood of a successful exit. We rule out selection effects by exploiting an exogenous source of variation in VC involvement: the introduction of new airline routes that reduce VCs' travel times to their existing portfolio companies. We confirm the importance of this channel by conducting a large-scale survey of VCs, of whom almost 90% indicate that direct flights increase their interaction with their portfolio companies and management, and help them better understand companies' activities.

原文链接：http://onlinelibrary.wiley.com/doi/10.1111/jofi.12370/full

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