Venture capital investments and the technological performance of portfolio firms
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- 作者：Henry Lahra ; b ; 1 ; h.lahr@cbr.cam.ac.uk" class="auth_mail" title="E-mail the corresponding author ; Andrea Minac ; a.mina@jbs.cam.ac.uk" class="auth_mail" title="E-mail the corresponding author
- 关键词：O31 ; G24 ; L26
- 刊名：Research Policy
- 出版年：2016
- 出版时间：February 2016
- 年：2016
- 卷：45
- 期：1
- 页码：303-318
- 全文大小：955 K
文摘
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We analyse the relationship between VC investment selection and the patenting performance of portfolio.
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Accounting for investment endogeneity the effect of VC on firm patenting is insignificant or negative.
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The effects of patents on the likelihood of investment are positive and significant.
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VC follows patent signals to invest in companies with commercially viable know-how.
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VC rationalises, rather than increase, the patenting output of portfolio firms.