2019冠状病毒病与全球风险投资格局。
COVID-19 and the global venture capital landscape.
作者信息
Bellavitis Cristiano, Fisch Christian, McNaughton Rod B
机构信息
Whitman School of Management, Syracuse University, 721 University Ave., Syracuse, NY 13244 USA.
Faculty of Management, Trier University, 54296 Trier, Germany.
出版信息
Small Bus Econ (Dordr). 2022;59(3):781-805. doi: 10.1007/s11187-021-00547-9. Epub 2021 Sep 4.
Abstract
We assess the effect of the COVID-19 pandemic on venture capital (VC) investments, documenting a significant decline in investments using a dataset of 39,527 funding rounds occurring before and during the pandemic in 130 countries. In line with our theoretical considerations, we show that this decline is more pronounced for investments characterized by higher uncertainty, namely investments in seed-stage ventures, industries affected more heavily by the COVID-19 crisis, international investments, and non-syndicated investments. Investor prominence partially moderates these effects.
摘要
我们评估了新冠疫情对风险投资（VC）的影响，通过一个包含130个国家在疫情之前及期间发生的39527轮融资的数据集，记录了投资的显著下降。与我们的理论考量一致，我们表明，这种下降在不确定性较高的投资中更为明显，即对种子期企业的投资、受新冠疫情危机影响更严重的行业的投资、国际投资以及非辛迪加投资。投资者知名度部分缓解了这些影响。
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