메뉴 건너뛰기




Volumn 43, Issue 2-3, 2011, Pages 461-490

Small and Medium-Sized Enterprises, Bank Relationship Strength, and the Use of Venture Capital

Author keywords

Relationship banking; SME financing; Venture capital

Indexed keywords


EID: 79952997893     PISSN: 00222879     EISSN: 15384616     Source Type: Journal    
DOI: 10.1111/j.1538-4616.2010.00381.x     Document Type: Article
Times cited : (57)

References (42)
  • 1
    • 33751212977 scopus 로고    scopus 로고
    • The Genesis of Venture Capital: Lessons from the German Experience
    • edited by Christian Keuschnigg and Vesa Kanniainen -. Cambridge: MIT Press.
    • Becker, Ralf, and Thomas Hellmann . (2005) "The Genesis of Venture Capital: Lessons from the German Experience." In Venture Capital, Entrepreneurship, and Public Policy, edited by Christian Keuschnigg and Vesa Kanniainen, pp. 33-67. Cambridge: MIT Press.
    • (2005) Venture Capital, Entrepreneurship, and Public Policy , pp. 33-67
    • Becker, R.1    Hellmann, T.2
  • 3
    • 0001202725 scopus 로고    scopus 로고
    • The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle
    • Berger, Allen N., and Gregory F. Udell . (1998) "The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of Banking and Finance, 22, 613-73.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 613-673
    • Berger, A.N.1    Udell, G.F.2
  • 5
    • 0000577806 scopus 로고    scopus 로고
    • Venture Capital and the Structure of Capital Markets: Banks versus Stock Markets
    • Black, Bernard S., and Ronald J. Gilson . (1998) "Venture Capital and the Structure of Capital Markets: Banks versus Stock Markets. Journal of Financial Economics, 47, 243-77.
    • (1998) Journal of Financial Economics , vol.47 , pp. 243-277
    • Black, B.S.1    Gilson, R.J.2
  • 6
    • 0036219415 scopus 로고    scopus 로고
    • Venture Capital and the Financing of Innovative Firms
    • Bottazzi, Laura, and Marco Da Rin . (2002) "Venture Capital and the Financing of Innovative Firms. Economic Policy, 34, 229-69.
    • (2002) Economic Policy , vol.34 , pp. 229-269
    • Bottazzi, L.1    Da Rin, M.2
  • 7
    • 20444451135 scopus 로고    scopus 로고
    • The Changing Face of the European Venture Capital Industry: Facts and Analysis
    • Bottazzi, Laura, Marco Da Rin, and Thomas Hellmann . (2004) "The Changing Face of the European Venture Capital Industry: Facts and Analysis. Journal of Private Equity, 8, 26-53.
    • (2004) Journal of Private Equity , vol.8 , pp. 26-53
    • Bottazzi, L.1    Da Rin, M.2    Hellmann, T.3
  • 8
    • 52249110645 scopus 로고    scopus 로고
    • Who Are the Active Investors? Evidence from Venture Capital
    • Bottazzi, Laura, Marco Da Rin, and Thomas Hellmann . (2008) "Who Are the Active Investors? Evidence from Venture Capital. Journal of Financial Economics, 89, 488-512.
    • (2008) Journal of Financial Economics , vol.89 , pp. 488-512
    • Bottazzi, L.1    Da Rin, M.2    Hellmann, T.3
  • 9
    • 79953008974 scopus 로고    scopus 로고
    • How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface." Unpublished manuscript, Northeastern University.
    • Chemmanur, Thomas J., Karthik Krishnan, and Debarshi Nandy . (2009) "How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface." Unpublished manuscript, Northeastern University.
    • (2009)
    • Chemmanur, T.J.1    Krishnan, K.2    Nandy, D.3
  • 10
    • 52449132640 scopus 로고    scopus 로고
    • Contracts and Exits in Venture Capital Finance
    • Cumming, Douglas. (2008) "Contracts and Exits in Venture Capital Finance. Review of Financial Studies, 21, 1947-82.
    • (2008) Review of Financial Studies , vol.21 , pp. 1947-1982
    • Cumming, D.1
  • 12
    • 33746635221 scopus 로고    scopus 로고
    • Public Policy and the Creation of Active Venture Capital Markets
    • Da Rin, Marco, Giovanna Nicodano, and Allessandro Sembenelli . (2006) "Public Policy and the Creation of Active Venture Capital Markets. Journal of Public Economics, 90, 1699-1723.
    • (2006) Journal of Public Economics , vol.90 , pp. 1699-1723
    • Da Rin, M.1    Nicodano, G.2    Sembenelli, A.3
  • 13
    • 34547182315 scopus 로고    scopus 로고
    • Financing Entrepreneurship: Bank Finance versus Venture Capital
    • De Bettignies, Jean-Etienne, and James A. Brander . (2007) "Financing Entrepreneurship: Bank Finance versus Venture Capital. Journal of Business Venturing, 22, 808-32.
    • (2007) Journal of Business Venturing , vol.22 , pp. 808-832
    • De Bettignies, J.-E.1    Brander, J.A.2
  • 14
    • 47749120440 scopus 로고
    • Financial Intermediation and Delegated Monitoring
    • Diamond, Douglas W. (1984) "Financial Intermediation and Delegated Monitoring. Review of Economic Studies, 51, 393-414.
    • (1984) Review of Economic Studies , vol.51 , pp. 393-414
    • Diamond, D.W.1
  • 15
    • 76549123743 scopus 로고    scopus 로고
    • Bankers on the Boards of German Firms: What They Do, What They Are Worth, and Why They Are (Still) There
    • Dittmann, Ingolf, Ernst G. Maug, and Christoph Schneider . (2010) "Bankers on the Boards of German Firms: What They Do, What They Are Worth, and Why They Are (Still) There. Review of Finance, 14, 35-71.
    • (2010) Review of Finance , vol.14 , pp. 35-71
    • Dittmann, I.1    Maug, E.G.2    Schneider, C.3
  • 16
    • 67349167004 scopus 로고    scopus 로고
    • Factors Fostering Academics to Start Up New Ventures: An Assessment of Italian Founders' Incentives
    • Fini, Riccardo, Rosa Grimaldi, and Maurizio Sobrero . (2009) "Factors Fostering Academics to Start Up New Ventures: An Assessment of Italian Founders' Incentives. Journal of Technology Transfer, 34, 380-402.
    • (2009) Journal of Technology Transfer , vol.34 , pp. 380-402
    • Fini, R.1    Grimaldi, R.2    Sobrero, M.3
  • 17
    • 79953020709 scopus 로고    scopus 로고
    • Informed Investors and the Financing of Entrepreneurial Projects." UCLA Anderson School of Management. Unpublished manuscript.
    • Garmaise, Mark J. (2007) "Informed Investors and the Financing of Entrepreneurial Projects." UCLA Anderson School of Management. Unpublished manuscript.
    • (2007)
    • Garmaise, M.J.1
  • 18
    • 0030525137 scopus 로고    scopus 로고
    • The Use of Covenants: An Empirical Analysis of Venture Partnership Agreements
    • Gompers, Paul, and Josh Lerner . (1996) "The Use of Covenants: An Empirical Analysis of Venture Partnership Agreements. Journal of Law and Economics, 39, 463-98.
    • (1996) Journal of Law and Economics , vol.39 , pp. 463-498
    • Gompers, P.1    Lerner, J.2
  • 20
    • 0000318873 scopus 로고    scopus 로고
    • The Theory and Practice of Corporate Finance: Evidence from the Field
    • Graham, John R., and Campbell R. Harvey . (2001) "The Theory and Practice of Corporate Finance: Evidence from the Field. Journal of Financial Economics, 60, 187-243.
    • (2001) Journal of Financial Economics , vol.60 , pp. 187-243
    • Graham, J.R.1    Harvey, C.R.2
  • 21
    • 41549118940 scopus 로고    scopus 로고
    • Building Relationships Early: Banks in Venture Capital
    • Hellmann, Thomas, Laura Lindsey, and Manju Puri . (2008) "Building Relationships Early: Banks in Venture Capital. Review of Financial Studies, 21, 513-41.
    • (2008) Review of Financial Studies , vol.21 , pp. 513-541
    • Hellmann, T.1    Lindsey, L.2    Puri, M.3
  • 22
    • 0034552621 scopus 로고    scopus 로고
    • The Interaction between Product Market and Financing Strategy: The Role of Venture Capital
    • Hellmann, Thomas, and Manju Puri . (2000) "The Interaction between Product Market and Financing Strategy: The Role of Venture Capital. Review of Financial Studies, 13, 959-98.
    • (2000) Review of Financial Studies , vol.13 , pp. 959-998
    • Hellmann, T.1    Puri, M.2
  • 23
    • 0001244650 scopus 로고    scopus 로고
    • The Determinants of Venture Capital Funding: Evidence across Countries
    • Jeng, Leslie A., and Philippe C. Wells . (2000) "The Determinants of Venture Capital Funding: Evidence across Countries. Journal of Corporate Finance, 6, 241-89.
    • (2000) Journal of Corporate Finance , vol.6 , pp. 241-289
    • Jeng, L.A.1    Wells, P.C.2
  • 24
    • 38749144710 scopus 로고    scopus 로고
    • Relationship Lending, Accounting Disclosure, and Credit Availability during the Asian Financial Crisis
    • Jiangli, Wenying, Haluk Unal, and Chiwon Yom . (2008) "Relationship Lending, Accounting Disclosure, and Credit Availability during the Asian Financial Crisis. Journal of Money, Credit and Banking, 40, 25-55.
    • (2008) Journal of Money, Credit and Banking , vol.40 , pp. 25-55
    • Jiangli, W.1    Unal, H.2    Yom, C.3
  • 25
    • 0038660446 scopus 로고    scopus 로고
    • Financial Contracting Meets the Real World: An Empirical Analysis of Venture Capital Contracts
    • Kaplan, Steven N., and Per Strömberg . (2003) "Financial Contracting Meets the Real World: An Empirical Analysis of Venture Capital Contracts. Review of Economic Studies, 70, 281-316.
    • (2003) Review of Economic Studies , vol.70 , pp. 281-316
    • Kaplan, S.N.1    Strömberg, P.2
  • 26
    • 79953015769 scopus 로고    scopus 로고
    • Commercial Banks Getting Underwriting Business: Tying or Relationship Building?" Unpublished manuscript, Northeastern University.
    • Krishnan, Karthik. (2009) "Commercial Banks Getting Underwriting Business: Tying or Relationship Building?" Unpublished manuscript, Northeastern University.
    • (2009)
    • Krishnan, K.1
  • 27
    • 84993865817 scopus 로고
    • Venture Capitalists and the Oversight of Private Firms
    • Lerner, Josh. (1995) "Venture Capitalists and the Oversight of Private Firms. Journal of Finance, 50, 301-18.
    • (1995) Journal of Finance , vol.50 , pp. 301-318
    • Lerner, J.1
  • 28
    • 0036091459 scopus 로고    scopus 로고
    • Taking Risks in Regions: The Geographical Anatomy of Europe's Emerging Venture Capital Market
    • Martin, Ron, Peter Sunley, and Dave Turner . (2002) "Taking Risks in Regions: The Geographical Anatomy of Europe's Emerging Venture Capital Market. Journal of Economic Geography, 2, 121-50.
    • (2002) Journal of Economic Geography , vol.2 , pp. 121-150
    • Martin, R.1    Sunley, P.2    Turner, D.3
  • 29
    • 79953021832 scopus 로고    scopus 로고
    • Cambridge Centre for Business Research: Three Surveys of the Financing of Small and Medium-Sized Enterprises in Western Europe." .
    • Martin, Ron, Dave Turner, and Peter Sunley . (2001) "Cambridge Centre for Business Research: Three Surveys of the Financing of Small and Medium-Sized Enterprises in Western Europe." .
    • (2001)
    • Martin, R.1    Turner, D.2    Sunley, P.3
  • 30
    • 20444487324 scopus 로고    scopus 로고
    • Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the United Kingdom
    • Mayer, Colin, Koen Schoors, and Yishay Yafeh . (2005) "Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the United Kingdom. Journal of Corporate Finance, 11, 586-608.
    • (2005) Journal of Corporate Finance , vol.11 , pp. 586-608
    • Mayer, C.1    Schoors, K.2    Yafeh, Y.3
  • 31
    • 70350365069 scopus 로고    scopus 로고
    • Bank Market Structure, Competition, and SME Financing Relationships in European Regions
    • Mercieca, Steve, Klaus Schaeck, and Simon Wolfe . (2009) "Bank Market Structure, Competition, and SME Financing Relationships in European Regions. Journal of Financial Services Research, 36, 137-55.
    • (2009) Journal of Financial Services Research , vol.36 , pp. 137-155
    • Mercieca, S.1    Schaeck, K.2    Wolfe, S.3
  • 32
    • 79953023358 scopus 로고    scopus 로고
    • The Impact of Venture Capital on Innovation and Creation of New Businesses." Working paper, University of Chicago.
    • Mollica, Marcus A., and Luigi Zingales . (2008) "The Impact of Venture Capital on Innovation and Creation of New Businesses." Working paper, University of Chicago.
    • (2008)
    • Mollica, M.A.1    Zingales, L.2
  • 33
    • 0041152099 scopus 로고    scopus 로고
    • Outside Equity
    • Myers, Stewart C. (2000) "Outside Equity. Journal of Finance, 55, 1005-37.
    • (2000) Journal of Finance , vol.55 , pp. 1005-1037
    • Myers, S.C.1
  • 34
    • 48549110620 scopus 로고
    • Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have
    • Myers, Stewart C., and Nicholas S. Majluf . (1984) "Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have. Journal of Financial Economics, 13, 187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 35
    • 79953019278 scopus 로고    scopus 로고
    • On the Lifecycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms." Center for Economic Studies Working Paper CES 08-13.
    • Puri, Manju, and Rebecca Zarutskie . (2008) "On the Lifecycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms." Center for Economic Studies Working Paper CES 08-13.
    • (2008)
    • Puri, M.1    Zarutskie, R.2
  • 36
    • 84977702514 scopus 로고
    • Insiders and Outsiders: The Choice between Informed and Arms Length Debt
    • Rajan, Raghuram G. (1992) "Insiders and Outsiders: The Choice between Informed and Arms Length Debt. Journal of Finance, 47, 1367-1440.
    • (1992) Journal of Finance , vol.47 , pp. 1367-1440
    • Rajan, R.G.1
  • 37
    • 84977733424 scopus 로고
    • Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationship
    • Sharpe, Steven A. (1990) "Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationship. Journal of Finance, 45, 1069-87.
    • (1990) Journal of Finance , vol.45 , pp. 1069-1087
    • Sharpe, S.A.1
  • 38
    • 79953006843 scopus 로고    scopus 로고
    • The European Observatory for SMEs-Sixth Report. () Luxembourg: Office for Official Publications of the European Communities.
    • The European Observatory for SMEs-Sixth Report. (2000) Luxembourg: Office for Official Publications of the European Communities.
    • (2000)
  • 39
    • 1842763605 scopus 로고    scopus 로고
    • Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation
    • Ueda, Masako. (2004) "Banks versus Venture Capital: Project Evaluation, Screening, and Expropriation. Journal of Finance, 59, 601-21.
    • (2004) Journal of Finance , vol.59 , pp. 601-621
    • Ueda, M.1
  • 40
    • 79953018292 scopus 로고
    • The Commitment of Finance, Duplicated Monitoring and the Investment Horizon." CEPR, Network in Financial Markets Working Paper No. 27, London.
    • von Thadden, Ernst-Ludwig. (1992) "The Commitment of Finance, Duplicated Monitoring and the Investment Horizon." CEPR, Network in Financial Markets Working Paper No. 27, London.
    • (1992)
    • von Thadden, E.-L.1
  • 41
    • 3242694457 scopus 로고    scopus 로고
    • Asymmetric Information, Bank Lending and Implicit Contracts: The Winner's Curse
    • von Thadden, Ernst-Ludwig. (2004) "Asymmetric Information, Bank Lending and Implicit Contracts: The Winner's Curse. Finance Research Letters, 1, 11-23.
    • (2004) Finance Research Letters , vol.1 , pp. 11-23
    • von Thadden, E.-L.1
  • 42
    • 19944392883 scopus 로고    scopus 로고
    • Do Bank Relationships Affect the Firm's Underwriter Choice in the Bond Corporate Bond Underwriting Market
    • Yasuda, Ayako. (2005) "Do Bank Relationships Affect the Firm's Underwriter Choice in the Bond Corporate Bond Underwriting Market Journal of Finance, 60, 1259-92.
    • (2005) Journal of Finance , vol.60 , pp. 1259-1292
    • Yasuda, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.