资源描述：
《风险资本退出和合法性研究【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、文献：LegalityandventurecapitalexitsJournalofCorporateFinance，Volume12,Issue2,January2006,Pages214-245DouglasCumming，，GrantFlemingandArminSchwienbacherAbstractThispaperintroducesananalysisoftheimpactofLegalityontheexitingofventurecapitalinvestments.Weconsiderasampleo
2、f468venture-backedcompaniesfrom12Asia-Pacificcountries,andthesecountries'venturecapitalists'investmentsinUS-basedentrepreneurialfirms.ThedataindicateIPOsaremorelikelyincountrieswithahigherLegalityindex.Thiscoreresultisrobusttocontrolsforcountry-specificstockmarket
3、capitalization,MSCImarketconditions,venturecapitalistfundmanagerskillandfundcharacteristics,andentrepreneurialfirmandtransactioncharacteristics.AlthoughBlackandGilson(1998)[Black,B.S.,Gilson,R.J.,1998.Venturecapitalandthestructureofcapitalmarkets:banksversusstockm
4、arkets.JournalofFinancialEconomics47,243–77]speculateonacentralconnectionbetweenactivestockmarketsandactiveventurecapitalmarkets,ourdatainfactindicatethequalityofacountry'slegalsystemismuchmoredirectlyconnectedtofacilitatingVC-backedIPOexitsthanthesizeofacountry's
5、stockmarket.ThedataindicateLegalityisacentralmechanismwhichmitigatesagencyproblemsbetweenoutsideshareholdersandentrepreneurs,therebyfosteringthemutualdevelopmentofIPOmarketsandventurecapitalmarkets.Keywords:venturecapital;exits;IPO;acquisition;lawandfinance1.intro
6、ductionTherisksandreturnstoinvestinginsmallprivatecompaniesandcompanieswithintangibleassetsarepronounced.3ThisisespeciallythecaseinsmallerandlessdevelopedfinancemarketssuchasthoseintheAsia-Pacificregion.Thelegalrightsandprotectionsaffordedtoentrepreneursandinvesto
7、rsareparticularlyimportantinventurecapitalandprivateequitymarkets.Legalstructuresimpacttherightsandprotectionsofpartiesanddistributionoffinancialoutcomesundervariousstatesoftheworld.Thatlawmattersinmanyaspectsoffinanceiswidelyrecognized,withstudiesshowingthatlegal
8、institutionsandrulesinfluencecapitalstructure,dividendpayoutratios,repurchasingdecisions,andcapitalmarketreturns.4Muchofthisliterature,however,concentra
