MANAGEMENT SCIENCE · VOL.61, NO. 11 · NOVEMBER 2015

在风险投资决策中评估创业公司技术能力

作者：Rohit Aggarwal (The University of Utah), David Kryscynski (Brigham Young University), Harpreet Singh (University of Texas at Dallas)

摘要：虽然许多研究强调创业公司技术能力对于风险投资成功的重要性，进而关注创业公司技术能力在风险投资（VC）决策中的重要性，然而在评估创业公司技术能力时，我们很少知道为什么一些风险投资比其他风险投资做得可能更好。我们收集了33个风险投资公司和从这些风险投资公司寻求A系列基金的308家创业公司的数据，这些数据是独特且专有的。我们发现风险投资公司对创业公司的评估可以预测风险投资公司的投资，创业公司的技术能力可以预测随后的风险投资失败。这意味着，高估创业公司技术能力的风险投资公司更有可能投资于失败可能性大的公司。然后我们的研究表明，更高的创业公司技术能力导致更低的评估错误，但是在其他条件不变的情况下，风险投资公司和创业公司之间在技术能力上更大的相似性导致更高的评估。因此研究得出结论，风险投资公司的能力提高风险投资公司评估的准确性，但是风险投资公司和创业公司在技术能力的相似性可能导致向上的评估偏差。

关键词：计量经济；VC基金；技术能力；VC评估

Evaluating Venture Technical Competence in Venture Capitalist Investment Decisions

Rohit Aggarwal (The University of Utah), David Kryscynski (Brigham Young University), Harpreet Singh (University of Texas at Dallas)

ABSTRACT

Although much research emphasizes the importance of venture technical competence for venture success and, therefore, the importance of venture technical competence in venture capitalist (VC) investment decisions, we know little about why some VCs may be better than others at assessing the technical competence of ventures. We gathered unique and proprietary data from 33 VCs and 308 ventures that sought Series A funding from those VCs. We show that VC assessment of ventures predicts VC investment, and venture technical competence predicts subsequent venture failure. This means that VCs that overassess ventures are more likely to invest in firms that are more likely to fail. We then show that higher VC technical competence leads to lower errors in assessment, but that greater similarity between the VC and venture in technical competence leads to higher assessments, ceteris paribus. We thus conclude that VC competence enhances the accuracy of VC assessments, but similarity in technical competence between VCs and ventures may lead to positive assessment bias.

Keywords: econometrics; VC funding; technical competence; VC assessment

原文链接：http://pubsonline.informs.org/doi/pdf/10.1287/mnsc.2014.2117

翻译：景薇