메뉴 건너뛰기




Volumn 10, Issue 2, 2004, Pages 301-326

Entrepreneurial finance: An overview of the issues and evidence

Author keywords

Entrepreneurial finance; Private equity; Venture capital

Indexed keywords


EID: 1342311692     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0929-1199(03)00059-2     Document Type: Article
Times cited : (327)

References (78)
  • 1
    • 0000584479 scopus 로고
    • Economic welfare and the allocation of resources for invention
    • R. Nelson (Ed.), Princeton, NJ: Princeton Univ. Press
    • Arrow K. Economic welfare and the allocation of resources for invention In: Nelson R. (Ed.), The Rate and Direction of Inventive Activity 1962 609-626 Princeton Univ. Press Princeton, NJ
    • (1962) The Rate and Direction of Inventive Activity , pp. 609-626
    • Arrow, K.1
  • 2
    • 0142220509 scopus 로고    scopus 로고
    • Executive ownership and control in newly public firms: The role of venture capitalists
    • Working Paper, Harvard Business School
    • Baker M. Gompers P. 1999 Executive ownership and control in newly public firms: the role of venture capitalists. Working Paper, Harvard Business School.
    • (1999)
    • Baker, M.1    Gompers, P.2
  • 3
    • 1342287508 scopus 로고    scopus 로고
    • Some venture programs sharing gains with corporate workforce
    • Barry D.G. Some venture programs sharing gains with corporate workforce Corporate Venturing Report 1 2000 22-23
    • (2000) Corporate Venturing Report , vol.1 , pp. 22-23
    • Barry, D.G.1
  • 4
    • 0001618495 scopus 로고
    • A theory of competition among pressure groups for political influence
    • Becker G. A theory of competition among pressure groups for political influence Quarterly Journal of Economics 98 1983 371-400
    • (1983) Quarterly Journal of Economics , vol.98 , pp. 371-400
    • Becker, G.1
  • 5
    • 0025584905 scopus 로고
    • Sources of job growth and some implications
    • J. Kasarda (Ed.), Norwell, MA: Kluwer Academic Publishers
    • Birch D. Sources of job growth and some implications In: Kasarda J. (Ed.), Jobs Earnings, and Employment Growth Policies in the United States 1990 71-76 Kluwer Academic Publishers Norwell, MA
    • (1990) Jobs Earnings, and Employment Growth Policies in the United States , pp. 71-76
    • Birch, D.1
  • 6
    • 0000577806 scopus 로고    scopus 로고
    • Venture capital and the structure of capital markets: Banks versus stock markets
    • Black B. Gilson R. Venture capital and the structure of capital markets: banks versus stock markets Journal of Financial Economics 47 1998 243-277
    • (1998) Journal of Financial Economics , vol.47 , pp. 243-277
    • Black, B.1    Gilson, R.2
  • 7
    • 0038396369 scopus 로고    scopus 로고
    • Financing and advising: Optimal financial contracts with venture capitalists
    • Working Paper, Univesite de Toulouse
    • Casmatta C. 2000 Financing and advising: optimal financial contracts with venture capitalists. Working Paper, Univesite de Toulouse.
    • (2000)
    • Casmatta, C.1
  • 8
    • 1342287510 scopus 로고    scopus 로고
    • Angels, venture capitalists, and entrepreneurs: A dynamic model of private equity financing
    • Working Paper, Boston College
    • Chemmanur T. Chen Z. 2002 Angels, venture capitalists, and entrepreneurs: a dynamic model of private equity financing. Working Paper, Boston College.
    • (2002)
    • Chemmanur, T.1    Chen, Z.2
  • 9
    • 0003704309 scopus 로고    scopus 로고
    • The risk and return of venture capital
    • Working Paper, University of Chicago
    • Cochrane J. 2001 The risk and return of venture capital. Working Paper, University of Chicago.
    • (2001)
    • Cochrane, J.1
  • 10
    • 17444399874 scopus 로고    scopus 로고
    • Entrepreneurship: The past, the present, and the future
    • Working Paper, Purdue University
    • Cooper A. 2003 Entrepreneurship: the past, the present, and the future. Working Paper, Purdue University.
    • (2003)
    • Cooper, A.1
  • 11
    • 0037237268 scopus 로고    scopus 로고
    • Stage financing and the role of convertible debt
    • Cornelli F. Yosha O. Stage financing and the role of convertible debt Review of Economic Studies 70 2003 1-32
    • (2003) Review of Economic Studies , vol.70 , pp. 1-32
    • Cornelli, F.1    Yosha, O.2
  • 12
    • 0345131399 scopus 로고    scopus 로고
    • Taxes and entrepreneurial activity: Theory and evidence for the U.S. Working Paper
    • National Bureau of Economic Research
    • Cullen J. Gordon R. 2002. Taxes and entrepreneurial activity: theory and evidence for the U.S. Working Paper, National Bureau of Economic Research.
    • (2002)
    • Cullen, J.1    Gordon, R.2
  • 13
    • 1342308713 scopus 로고    scopus 로고
    • United States venture capital financial contracting: Foreign securities
    • Working Paper, University of Alberta
    • Cumming D. 2002 United States venture capital financial contracting: foreign securities. Working Paper, University of Alberta.
    • (2002)
    • Cumming, D.1
  • 14
    • 1342308717 scopus 로고    scopus 로고
    • Private equity returns: An empirical examination of the exit of venture backed companies
    • Das S. Jagannathan M. Sarin A. Private equity returns: an empirical examination of the exit of venture backed companies Journal of Investment Management 1 2003 1-26
    • (2003) Journal of Investment Management , vol.1 , pp. 1-26
    • Das, S.1    Jagannathan, M.2    Sarin, A.3
  • 15
    • 46549097703 scopus 로고
    • Managerial ownership of voting rights: A study of public corporations with dual classes of common stock
    • DeAngelo H. DeAngelo L. Managerial ownership of voting rights: a study of public corporations with dual classes of common stock Journal of Financial Economics 14 1985 33-71
    • (1985) Journal of Financial Economics , vol.14 , pp. 33-71
    • DeAngelo, H.1    DeAngelo, L.2
  • 16
    • 0035697502 scopus 로고    scopus 로고
    • Twenty-five years of corporate governance research...and counting
    • Denis D.K. Twenty-five years of corporate governance research... and counting Review of Financial Economics 10 2001 191-212
    • (2001) Review of Financial Economics , vol.10 , pp. 191-212
    • Denis, D.K.1
  • 17
    • 1342330009 scopus 로고    scopus 로고
    • The choice among bank debt, non-bank private debt, and public debt: Evidence from new corporate borrowings
    • (in press)
    • Denis D. Mihov V. The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings Journal of Financial Economics 2002 (in press)
    • (2002) Journal of Financial Economics
    • Denis, D.1    Mihov, V.2
  • 18
    • 0038688514 scopus 로고    scopus 로고
    • Start-up finance, monitoring and collusion
    • Working Paper, University of Toulouse
    • Dessi R. 2001 Start-up finance, monitoring and collusion. Working Paper, University of Toulouse.
    • (2001)
    • Dessi, R.1
  • 19
    • 47749120440 scopus 로고
    • Financial intermediation and delegated monitoring
    • Diamond D. Financial intermediation and delegated monitoring Review of Economic Studies LI 1984 393-414
    • (1984) Review of Economic Studies , vol.51 , pp. 393-414
    • Diamond, D.1
  • 20
  • 23
    • 0242702964 scopus 로고    scopus 로고
    • Understanding venture capital structure: A tax explanation for convertible preferred stock
    • Working Paper, Stanford University
    • Gilson R. Schizer D. 2002 Understanding venture capital structure: a tax explanation for convertible preferred stock. Working Paper, Stanford University.
    • (2002)
    • Gilson, R.1    Schizer, D.2
  • 24
    • 84993858218 scopus 로고
    • Optimal investment, monitoring, and the staging of venture capital
    • Gompers P. Optimal investment, monitoring, and the staging of venture capital Journal of Finance 50 1995 1461-1489
    • (1995) Journal of Finance , vol.50 , pp. 1461-1489
    • Gompers, P.1
  • 25
    • 0004085209 scopus 로고    scopus 로고
    • Ownership and control in entrepreneurial firms: An examination of convertible securities in venture capital investments
    • Working Paper, Harvard University
    • Gompers P. 1998 Ownership and control in entrepreneurial firms: an examination of convertible securities in venture capital investments. Working Paper, Harvard University.
    • (1998)
    • Gompers, P.1
  • 26
    • 0013065525 scopus 로고    scopus 로고
    • What drives venture capital fundraising?
    • Working Paper, National Bureau of Economic Research
    • Gompers P. Lerner J. 1999 What drives venture capital fundraising? Working Paper, National Bureau of Economic Research.
    • (1999)
    • Gompers, P.1    Lerner, J.2
  • 27
    • 0006134202 scopus 로고    scopus 로고
    • The determinants of corporate venture capital success: Organizational structure, incentives, and complementarities
    • R. Morck (Ed.), Chicago, IL: University of Chicago Press
    • Gompers P. Lerner J. The determinants of corporate venture capital success: organizational structure, incentives, and complementarities In: Morck R. (Ed.), Concentrated Corporate Ownership 2000 17-50 University of Chicago Press Chicago, IL
    • (2000) Concentrated Corporate Ownership , pp. 17-50
    • Gompers, P.1    Lerner, J.2
  • 29
    • 1342330017 scopus 로고    scopus 로고
    • The financing of research and development
    • Working Paper, National Bureau of Economic Research
    • Hall B. 2002 The financing of research and development. Working Paper, National Bureau of Economic Research.
    • (2002)
    • Hall, B.1
  • 30
    • 0039064450 scopus 로고    scopus 로고
    • Financial Contracting
    • Working Paper, Harvard University
    • Hart O. 2001 Financial Contracting. Working Paper, Harvard University
    • (2001)
    • Hart, O.1
  • 31
    • 0032387703 scopus 로고    scopus 로고
    • The allocation of control rights in venture capital contracts
    • Hellman T. The allocation of control rights in venture capital contracts Rand Journal of Economics 29 1998 57-76
    • (1998) Rand Journal of Economics , vol.29 , pp. 57-76
    • Hellman, T.1
  • 32
    • 0040096982 scopus 로고    scopus 로고
    • A theory of corporate venture investing
    • Working paper, Stanford University
    • Hellman T. 1998b A theory of corporate venture investing. Working paper, Stanford University.
    • (1998)
    • Hellman, T.1
  • 33
    • 0034552621 scopus 로고    scopus 로고
    • The interaction between product market and financing strategy: The role of venture capital
    • Hellman T. Puri M. The interaction between product market and financing strategy: the role of venture capital Review of Financial Studies 13 2000 959-984
    • (2000) Review of Financial Studies , vol.13 , pp. 959-984
    • Hellman, T.1    Puri, M.2
  • 34
    • 0013118760 scopus 로고    scopus 로고
    • Venture capital and the professionalization of start-up firms
    • Hellman T. Puri M. Venture capital and the professionalization of start-up firms Journal of Finance 57 2002 169-197
    • (2002) Journal of Finance , vol.57 , pp. 169-197
    • Hellman, T.1    Puri, M.2
  • 35
    • 1342330015 scopus 로고
    • Apple Computer-Strategic Investment Group. Stanford Graduate School of Business Case #S-SM-21
    • Hellman T. Milius S. Risk G. 1995 Apple Computer-Strategic Investment Group. Stanford Graduate School of Business Case #S-SM-21.
    • (1995)
    • Hellman, T.1    Milius, S.2    Risk, G.3
  • 36
    • 0003903723 scopus 로고    scopus 로고
    • IPOs, acquisitions and the use of convertible securities in venture capital
    • Working Paper, Stanford University
    • Hellmann T. 2002 IPOs, acquisitions and the use of convertible securities in venture capital. Working Paper, Stanford University.
    • (2002)
    • Hellmann, T.1
  • 37
    • 0012621534 scopus 로고    scopus 로고
    • A survey of blockholders and corporate control
    • Holderness C.G. A survey of blockholders and corporate control Economic Policy Review 9 2003 51-64
    • (2003) Economic Policy Review , vol.9 , pp. 51-64
    • Holderness, C.G.1
  • 38
    • 25044460355 scopus 로고    scopus 로고
    • Do entrepreneurs pay for affiliation?
    • Working Paper, MIT Sloan School of Management
    • Hsu D. 2002 Do entrepreneurs pay for affiliation? Working Paper, MIT Sloan School of Management.
    • (2002)
    • Hsu, D.1
  • 39
    • 25044459124 scopus 로고    scopus 로고
    • Competition and efficiency in the market for venture capital
    • Working Paper, Univesity of Mannheim
    • Inderst R. Muller H. 2001 Competition and efficiency in the market for venture capital. Working Paper, Univesity of Mannheim.
    • (2001)
    • Inderst, R.1    Muller, H.2
  • 40
    • 0001131377 scopus 로고
    • Some evidence on the uniqueness of bank loans
    • James C. Some evidence on the uniqueness of bank loans Journal of Financial Economics 19 1987 217-235
    • (1987) Journal of Financial Economics , vol.19 , pp. 217-235
    • James, C.1
  • 41
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen M. The modern industrial revolution, exit, and the failure of internal control systems Journal of Finance 48 1993 831-880
    • (1993) Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.1
  • 42
    • 0041013329 scopus 로고
    • The distribution of power among corporate managers, shareholders, and directors
    • Jensen M. Warner J. The distribution of power among corporate managers, shareholders, and directors Journal of Financial Economics 20 1988 3-24
    • (1988) Journal of Financial Economics , vol.20 , pp. 3-24
    • Jensen, M.1    Warner, J.2
  • 43
    • 25044433591 scopus 로고    scopus 로고
    • The price of diversifiable risk in venture capital and private equity
    • Working Paper, Columbia University
    • Jones C. Rhodes-Kropf M. 2003 The price of diversifiable risk in venture capital and private equity. Working Paper, Columbia University.
    • (2003)
    • Jones, C.1    Rhodes-Kropf, M.2
  • 44
    • 1342330014 scopus 로고    scopus 로고
    • Private equity performance: Returns, persistence, and capital flows
    • Working Paper, University of Chicago
    • Kaplan S. Schoar A. 2003 Private equity performance: returns, persistence, and capital flows. Working Paper, University of Chicago.
    • (2003)
    • Kaplan, S.1    Schoar, A.2
  • 45
    • 0013354498 scopus 로고    scopus 로고
    • How do venture capitalists choose investments?
    • Working Paper, University of Chicago
    • Kaplan S. Stromberg P. 2000 How do venture capitalists choose investments? Working Paper, University of Chicago.
    • (2000)
    • Kaplan, S.1    Stromberg, P.2
  • 46
    • 1342308714 scopus 로고    scopus 로고
    • Financial contracting meets the real world: An empirical analysis of venture capital contracts
    • Kaplan S. Stromberg P. Financial contracting meets the real world: an empirical analysis of venture capital contracts Review of Economic Studies 2002 2001 1-35
    • (2001) Review of Economic Studies 2002 , pp. 1-35
    • Kaplan, S.1    Stromberg, P.2
  • 48
    • 0041075317 scopus 로고    scopus 로고
    • Valuation and control in venture finance
    • Kirilenko A. Valuation and control in venture finance Journal of Finance 56 2001 565-588
    • (2001) Journal of Finance , vol.56 , pp. 565-588
    • Kirilenko, A.1
  • 49
    • 0034553083 scopus 로고    scopus 로고
    • Assessing the contribution of venture capital to innovation
    • Kortum S. Lerner J. Assessing the contribution of venture capital to innovation Rand Journal of Economics 31 2000 674-692
    • (2000) Rand Journal of Economics , vol.31 , pp. 674-692
    • Kortum, S.1    Lerner, J.2
  • 52
    • 1342330012 scopus 로고    scopus 로고
    • Venture capital, certification, and IPOs
    • Working paper, Emory University
    • Lee P. Wahal S. 2002 Venture capital, certification, and IPOs. Working paper, Emory University.
    • (2002)
    • Lee, P.1    Wahal, S.2
  • 53
    • 0013097973 scopus 로고
    • A note on the venture capital industry
    • Havard Business School Case #9-295-065
    • Lerner J. 1994 A note on the venture capital industry. Havard Business School Case #9-295-065.
    • (1994)
    • Lerner, J.1
  • 54
    • 84993865817 scopus 로고
    • Venture capitalists and the oversight of private firms
    • Lerner J. Venture capitalists and the oversight of private firms Journal of Finance 50 1995 301-318
    • (1995) Journal of Finance , vol.50 , pp. 301-318
    • Lerner, J.1
  • 55
    • 0000978981 scopus 로고    scopus 로고
    • "Angel" financing and public policy: An overview
    • Lerner J. "Angel" financing and public policy: an overview Journal of Banking and Finance 22 1998 773-783
    • (1998) Journal of Banking and Finance , vol.22 , pp. 773-783
    • Lerner, J.1
  • 56
    • 0040705370 scopus 로고    scopus 로고
    • The government as venture capitalist: The long-run impact of the SBIR program
    • Lerner J. The government as venture capitalist: the long-run impact of the SBIR program Journal of Business 72 1999 285-318
    • (1999) Journal of Business , vol.72 , pp. 285-318
    • Lerner, J.1
  • 57
    • 1342266153 scopus 로고    scopus 로고
    • A note on corporate venture capital
    • Harvard Business School Case #9-202-036
    • Lerner J. 2001 A note on corporate venture capital. Harvard Business School Case #9-202-036.
    • (2001)
    • Lerner, J.1
  • 58
    • 1342308715 scopus 로고    scopus 로고
    • The cash flow, return and risk characteristics of private equity
    • Working Paper, National Bureau of Economic Research
    • Ljungqvist A. Richardson M. 2003 The cash flow, return and risk characteristics of private equity. Working Paper, National Bureau of Economic Research.
    • (2003)
    • Ljungqvist, A.1    Richardson, M.2
  • 59
    • 84977723575 scopus 로고
    • Venture capitalist certification in initial public offerings
    • Megginson W. Weiss K. Venture capitalist certification in initial public offerings Journal of Finance 46 1991 879-903
    • (1991) Journal of Finance , vol.46 , pp. 879-903
    • Megginson, W.1    Weiss, K.2
  • 60
    • 0041053079 scopus 로고    scopus 로고
    • The market for innovation in the United States and Japan: Venture capital and the comparative governance debate
    • Milhaupt C. The market for innovation in the United States and Japan: venture capital and the comparative governance debate Northwestern University Law 91 1997 865-898
    • (1997) Northwestern University Law , vol.91 , pp. 865-898
    • Milhaupt, C.1
  • 61
    • 0040080308 scopus 로고    scopus 로고
    • The returns to entrepreneurial investment: A private equity premium puzzle?
    • Moskowitz T. Vissing-Jorgensen A. The returns to entrepreneurial investment: a private equity premium puzzle? American Economic Review 92 2002 745-778
    • (2002) American Economic Review , vol.92 , pp. 745-778
    • Moskowitz, T.1    Vissing-Jorgensen, A.2
  • 62
    • 0000420789 scopus 로고
    • Towards a more general theory of regulation
    • Peltzman S. Towards a more general theory of regulation Journal of Law and Economics 19 1976 211-240
    • (1976) Journal of Law and Economics , vol.19 , pp. 211-240
    • Peltzman, S.1
  • 63
    • 0002655590 scopus 로고
    • Venture capital and capital gains taxation
    • Working Paper, National Bureau of Economic Research
    • Poterba J. 1989 Venture capital and capital gains taxation. Working Paper, National Bureau of Economic Research.
    • (1989)
    • Poterba, J.1
  • 65
    • 0037674120 scopus 로고    scopus 로고
    • Optimal contracts between entrepreneurs and value-enhancing financiers
    • Working Paper, University of Toulouse
    • Renucci A. 2000 Optimal contracts between entrepreneurs and value-enhancing financiers. Working Paper, University of Toulouse.
    • (2000)
    • Renucci, A.1
  • 66
    • 0003740329 scopus 로고    scopus 로고
    • Venture Capital Finance: A security design approach
    • Working Paper, CEMFI
    • Repullo R. Suarez J. 1998 Venture Capital Finance: a security design approach. Working Paper, CEMFI.
    • (1998)
    • Repullo, R.1    Suarez, J.2
  • 67
    • 0038193294 scopus 로고    scopus 로고
    • A review of IPO activity, pricing, and allocations
    • Ritter J. Welch I. A review of IPO activity, pricing, and allocations Journal of Finance 57 2002 1795-1828
    • (2002) Journal of Finance , vol.57 , pp. 1795-1828
    • Ritter, J.1    Welch, I.2
  • 68
    • 0017470663 scopus 로고
    • The determination of financial structure: The incentive signalling approach
    • Ross S. The determination of financial structure: the incentive signalling approach Bell Journal of Economics 1976 23-40
    • (1976) Bell Journal of Economics , pp. 23-40
    • Ross, S.1
  • 69
    • 0000887602 scopus 로고
    • The structure and governance of venture capital organizations
    • Sahlman W. The structure and governance of venture capital organizations Journal of Financial Economics 27 1990 473-521
    • (1990) Journal of Financial Economics , vol.27 , pp. 473-521
    • Sahlman, W.1
  • 70
    • 0003059551 scopus 로고
    • Changing perspectives on the firm size problem
    • Z. Acs, & D. Audretsch (Eds.), Ann Arbor, MI: University of Michigan Press
    • Scherer F. Changing perspectives on the firm size problem In: Acs Z. & Audretsch D. (Eds.), Innovation and Technological Change: An International Comparison 1991 24-28 University of Michigan Press Ann Arbor, MI
    • (1991) Innovation and Technological Change: an International Comparison , pp. 24-28
    • Scherer, F.1
  • 71
    • 0003740331 scopus 로고    scopus 로고
    • Convertible securities and venture capital finance
    • Working Paper, Universitat Munchen
    • Schmidt K. 2001 Convertible securities and venture capital finance. Working Paper, Universitat Munchen.
    • (2001)
    • Schmidt, K.1
  • 72
    • 0000864461 scopus 로고
    • Corporate venture capitalists: Autonomy, obstacles, and performance
    • Siegel R. Siegel E. MacMillan I. Corporate venture capitalists: autonomy, obstacles, and performance Journal of Business Venturing 1 1988 275-293
    • (1988) Journal of Business Venturing , vol.1 , pp. 275-293
    • Siegel, R.1    Siegel, E.2    MacMillan, I.3
  • 73
    • 0000456233 scopus 로고
    • The economic theory of regulation
    • Stigler G. The economic theory of regulation Bell Journal of Economics 2 1971 3-21
    • (1971) Bell Journal of Economics , vol.2 , pp. 3-21
    • Stigler, G.1
  • 75
    • 0042737007 scopus 로고
    • Corporate venture capital: Strategies for success
    • Sykes H. Corporate venture capital: strategies for success Journal of Business Venturing 5 1990 37-47
    • (1990) Journal of Business Venturing , vol.5 , pp. 37-47
    • Sykes, H.1
  • 76
    • 0000060340 scopus 로고
    • Organization form, residual claimants, and corporate control
    • Williamson O. Organization form, residual claimants, and corporate control Journal of Law and Economics 26 1983 351-366
    • (1983) Journal of Law and Economics , vol.26 , pp. 351-366
    • Williamson, O.1
  • 77
    • 1342330013 scopus 로고    scopus 로고
    • Angel finance: The other venture capital
    • Working Paper, University of Chicago
    • Wong A. 2002 Angel finance: the other venture capital. Working Paper, University of Chicago.
    • (2002)
    • Wong, A.1
  • 78
    • 0000662187 scopus 로고    scopus 로고
    • Financial markets and the allocation of capital
    • Wurgler J. Financial markets and the allocation of capital Journal of Financial Economics 58 2000 187-214
    • (2000) Journal of Financial Economics , vol.58 , pp. 187-214
    • Wurgler, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.