第一段
Venture capital is one of the primary methods by which private equity investors make funds available to startups, early-stage, and emerging companies that have high growth potential. Arising out of financing research on innovation and economic growth (Hsu & Kenney, 2005), venture capital is a widely researched area among entrepreneurship and finance scholars. Similarly, private equity, which hosts venture capital, has also seen considerable growth in its research and practice. Investors usually contribute to private equity funds to capitalize on investment opportunities that may not be available to them through other channels of investment (Fuchs et al., 2021, 2022). Private equity is often considered costlier than public equity (Brav, 2009), causing private firms to choose debt financing. However, with the deregulation of capital markets, large investors’ access to private equity funds has increased (Ewens & Farre-Mensa, 2020), which has potentially increased their ability to fund businesses, thus leading to a decline in initial public offering (IPO). The assets managed by PE firms have increased by nearly 70% in the past five years (Dai, 2022). Today, venture capitalists and private equity funders engage in a variety of activities, including socially responsible investing or impact investing (Barber et al., 2021), with venture capital being seen as one of the more prominent methods of financing new ventures (Ho & Wong, 2007) along with being signal for the quality of the venture for outside investors (Revest & Sapio, 2012).
1. 背景介绍与重要性强调
首段开头,作者直接介绍了风险资本(venture capital)作为私募股权投资者为初创、早期阶段和具有高增长潜力的公司提供资金的主要方法。这种开头方式直接切入主题,强调了风险资本的核心地位和作用。
“Venture capital is one of the primary methods by which private equity investors make funds available to startups, early-stage, and emerging companies that have high growth potential.”
通过这样的行文,作者旨在为读者铺垫风险资本在经济发展中的关键作用,为后续深入探讨提供背景。
2. 研究领域的提及与引用
文章随后提到,风险资本起源于对创新和经济增长融资的研究,并且是创业和金融学者广泛研究的领域。此处引用 Hsu & Kenney (2005)增加了论述的权威性:
“Arising out of financing research on innovation and economic growth (Hsu & Kenney, 2005)…”
通过提及具体研究和作者,引言不仅展示了该领域的研究深度,也指向了后续可能探讨的研究路径。
3. 投资动态与市场趋势
接着,文章通过引用 Fuchs et al. (2021, 2022), Brav (2009), Ewens & Farre-Mensa (2020), 以及 Dai (2022)来讨论私募股权的投资动态和市场趋势,例如投资渠道、与公开股权的成本比较、资本市场的放松规制对大型投资者的影响,以及私募股权管理资产的增长。
“Investors usually contribute to private equity funds to capitalize on investment opportunities that may not be available to them through other channels of investment (Fuchs et al., 2021, 2022).”
这部分内容的引入,是为了展示私募股权和风险资本领域的发展动态和实践进展,同时突显了这些变化对经济和市场结构的影响。
4. 当前研究与投资活动的多样性
最后,作者通过引用 Barber et al. (2021)以及 Ho & Wong (2007)和 Revest & Sapio (2012),讨论了风险资本家和私募股权投资者参与的多样化活动,包括社会责任投资或影响力投资,以及风险资本在为新企业融资中的显著方法和外部投资者评估企业质量的信号作用。
“…Venture capitalists and private equity funders engage in a variety of activities, including socially responsible investing or impact investing (Barber et al., 2021)…”
这种行文逻辑不仅概述了领域内的主要研究和趋势,还预示了文章将探讨的具体议题,增强了引言的吸引力和论文的研究价值。
行文之道分析
这样的行文逻辑有其内在的合理性和目的性:
- 引入背景和强调重要性为读者提供了清晰的研究主题和其在现实世界的应用场景。
- 广泛引用前人的研究,不仅展示了领域内的研究深度,还为本研究的立论提供了坚实的基础。
- 讨论市场趋势和投资动态,以实证数据支持论文的视角,展示研究的时效性和实践价值。
- 指出研究领域的多样化和未来方向,增强了论文的广度和深度,同时为后续的研究提供了方向。
这种行文策略有效地为读者构建了一个全面、深入的研究背景和框架,旨在引导读者更好地理解风险资本和私募股权的复杂性和多样性,为深入探讨各种研究问题奠定坚实基础。📚
第二段
Many studies on venture capital and private equity exist, and they continue to proliferate over time. This may be attributed to the increased prominence and role of venture capital and private equity funds in the capital market. A closer look at such studies in this review reveals that research on venture capital and private equity is rooted in capital budgeting and IPO research, and early studies in the field have studied venture capital and private equity from that perspective. With the increasing role of venture capital and private equity funds and their diversified portfolios, the two fields have grown in authority with various prominent subfields, and thus, they are investigated separately in recognition of venture capital as a substantially large field of research that warrants its own scrutiny and private equity as a core and mature field of research. With the growth of venture capital and private equity research and the increasing heterogeneity of topics investigated, there is a need to conduct a comprehensive review of studies in both fields in order to take stock of their performance and scientific contributions. Noteworthily, a field can only advance when new research extends prior research, and crucial to that endeavor is a good understanding of the state of the field.
To this end, this study aims to present a comprehensive encapsulation of venture capital and private equity research. Two separate datasets of literature corpus—i.e., venture capital and private equity—are sourced and scrutinized to gain insights into the performance and science of research in both fields. For this purpose, this study takes up several objectives, which are further refined into research questions.
这段引言部分精心设计了其行文逻辑,目的在于设定研究背景、论文的研究方向和目的。下面是对其行文逻辑的分析,包括原文引用的例子以及分析为什么会采取这种行文方式。
1. 研究背景的设定
文章开头直接指出风险资本(venture capital)和私募股权(private equity)的研究众多且随时间增加。
“Many studies on venture capital and private equity exist, and they continue to proliferate over time.”
这样的开头立即突显了该领域的活跃度和重要性,为读者提供了一个明确的背景:这是一个值得关注和深入研究的领域。
2. 研究的历史和演变
接着,作者引入了对这些研究的回顾,指出早期的研究主要围绕资本预算和首次公开募股(IPO)进行,但随着时间的推移,风险资本和私募股权的作用增大,研究领域也相应扩展。
“A closer look at such studies in this review reveals that research on venture capital and private equity is rooted in capital budgeting and IPO research…”
这种行文方式向读者展示了该领域研究的历史脉络和演变过程,强调了不断扩大的研究视角和多样化的研究主题。
3. 研究的现状与重要性
文章进一步强调了风险资本和私募股权作为独立研究领域的成长和权威性,突出了其重要性和对细分领域的影响。
“With the increasing role of venture capital and private equity funds and their diversified portfolios, the two fields have grown in authority with various prominent subfields…”
通过这样的陈述,作者旨在强调对这些领域进行更深入、分化的研究的必要性,为后续的研究目标和问题设定奠定基础。
4. 研究的目的与目标
最后,作者明确了本研究的目的是进行一个全面的综述,以了解这两个领域的表现和科学贡献,并提出了研究的具体目标和研究问题。
“To this end, this study aims to present a comprehensive encapsulation of venture capital and private equity research.”
这部分不仅阐明了研究的意图,也为读者明确了文章的研究范围和深度,同时强调了继承和扩展前人研究的重要性。
行文之道分析
这种行文策略之所以被采用,原因在于:
- 明确背景:为读者提供清晰的研究背景,说明为什么这项研究是必要的。
- 展示历史与演变:通过回顾早期研究,展示领域的发展轨迹和研究视角的扩展。
- 强调研究的现状与重要性:突出风险资本和私募股权在资本市场中的角色,以及为何它们值得作为独立领域深入研究。
- 设定目的与目标:明确研究意图,提出研究问题,为整篇文章的研究方向和范围提供指导。
通过这样的行文,作者成功地为读者勾勒出了风险资本和私募股权研究的宏观图景,既展示了其研究的必要性和紧迫性,也为后续的分析和讨论提供了一个坚实的起点。📚
关键图表
表 4 最高引用文章
作者 | 标题(英文) | 标题(中文) | 年份 | 期刊 | 引用次数 (TC) | 年均引用 (C/Y) |
---|---|---|---|---|---|---|
Panel A: 自2001年以来关于风险资本最高引用文章 | ||||||
Lee, C; Lee, K; Pennings, JM | Internal capabilities, external networks, and performance: A study on technology-based ventures | 内部能力、外部网络与绩效:对基于技术的风险企业的研究 | 2001 | Strategic Management Journal | 982 | 46.76 |
Hellmann, T; Puri, M | Venture capital and the professionalization of start-up firms: Empirical evidence | 风险资本与初创公司的专业化:实证证据 | 2002 | Journal of Finance | 798 | 39.90 |
Pittaway, L; Robertson, M; Munir, K; Denyer, D; Neely, A | Networking and innovation: A systematic review of the evidence | 网络与创新:证据的系统综述 | 2004 | International Journal of Management Reviews | 773 | 42.94 |
Shane, S; Stuart, T | Organizational endowments and the performance of university start-ups | 组织资源与大学初创公司绩效 | 2002 | Management Science | 690 | 34.50 |
Kaplan, SN; Stromberg, P | Financial contracting theory meets the real world: An empirical analysis of venture capital contracts | 金融契约理论遇到现实世界:风险资本合同的实证分析 | 2003 | Review of Economic Studies | 686 | 36.11 |
Hall, BH | The financing of research and development | 研发融资 | 2002 | Oxford Review of Economic Policy | 684 | 34.20 |
Hochberg, YV; Ljungqvist, A; Lu, Y | Whom you know matters: Venture capital networks and investment performance | 你认识谁很重要:风险资本网络与投资绩效 | 2007 | Journal of Finance | 681 | 45.40 |
Di Gregorio, D; Shane, S | Why do some universities generate more start-ups than others? | 为什么有些大学比其他大学产生更多的初创公司? | 2003 | Research Policy | 661 | 34.79 |
Gompers, P; Lerner, J | The venture capital revolution | 风险资本革命 | 2001 | Journal of Economic Perspectives | 600 | 28.57 |
Baum, JAC; Silverman, BS | Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups | 选择胜者还是培养他们?联盟、智力和人力资本作为风险融资和生物技术初创公司绩效的选择标准 | 2004 | Journal of Business Venturing | 594 | 33.00 |
Zucker, LG; Darby, MR; Armstrong, JS | Commercializing knowledge: University science, knowledge capture, and firm performance in biotechnology | 商业化知识:大学科学、知识捕获和生物技术公司绩效 | 2002 | Management Science | 527 | 26.35 |
Hsu, DH | What do entrepreneurs pay for venture capital affiliation? | 创业者为风险资本联盟支付了什么? | 2004 | Journal of Finance | 505 | 28.06 |
Gulati, R; Higgins, MC | Which ties matter when? The contingent effects of interorganizational partnerships on IPO success | 何时的联系重要?组织间伙伴关系对 IPO 成功的影响 | 2003 | Strategic Management Journal | 450 | 23.68 |
Kaplan, SN; Stromberg, P | Characteristics, contracts, and actions: Evidence from venture capitalist analyses | 特征、合同和行动:来自风险资本家分析的证据 | 2004 | Journal of Finance | 395 | 21.94 |
Sorensen, M | How smart is smart money? A two-sided matching model of venture capital | 聪明钱有多聪明?风险资本的双向匹配模型 | 2007 | Journal of Finance | 363 | 24.20 |
Hsu, DH | Experienced entrepreneurial founders, organizational capital, and venture capital funding | 经验丰富的创业创始人、组织资本和风险资本融资 | 2007 | Research Policy | 315 | 21.00 |
Lee, PM; Wahal, S | Grandstanding, certification and the underpricing of venture capital backed IPOs | 哗众取宠、认证和风险资本支持的 IPO 的低估 | 2004 | Journal of Financial Economics | 285 | 15.83 |
Lechner, C; Dowling, M; Welpe, I | Firm networks and firm development: The role of the relational mix | 公司网络与公司发展:关系混合的作用 | 2006 | Journal of Business Venturing | 280 | 17.50 |
Wright, M; Lockett, A; Clarysse, B; Binks, M | University spin-out companies and venture capital | 大学衍生公司与风险资本 | 2006 | Research Policy | 279 | 17.44 |
Dushnitsky, G; Lenox, MJ | When do incumbents learn from entrepreneurial ventures? Corporate venture capital and investing firm innovation rates | 现有企业何时从创业企业中学习?企业风险资本与投资公司创新率 | 2005 | Research Policy | 277 | 16.29 |
… | … | … | … | … | … | … |
Panel B: 自2001年以来关于私募股权最高引用文章 | ||||||
Kaplan, SN; Schoar, A | Private equity performance: Returns, persistence, and capital flows | 私募股权绩效:回报、持续性和资本流动 | 2005 | Journal of Finance | 590 | 34.71 |
Moskowitz, TJ; Vissing-Jorgensen, A | The returns to entrepreneurial investment: A private equity premium puzzle? | 创业投资的回报:私募股权溢价之谜? | 2002 | American Economic Review | 380 | 19.00 |
Kaplan, SN; Stromberg, P | Leveraged buyouts and private equity | 杠杆收购和私募股权 | 2009 | Journal of Economic Perspectives | 301 | 23.15 |
Lerner, J; Schoar, A | Does legal enforcement affect financial transactions? The contractual channel in private equity | 法律执行是否影响金融交易?私募股权中的合同渠道 | 2005 | Quarterly Journal of Economics | 219 | 12.88 |
Phalippou, L; Gottschalg, O | The performance of private equity funds | 私募股权基金的绩效 | 2009 | Review of Financial Studies | 209 | 16.08 |
Bruton, GD; Filatotchev, I; Chahine, S; Wright, M | Governance, ownership structure, and performance of IPO firms: The impact of different types of private equity investors and institutional environments | 治理、所有权结构和 IPO 公司绩效:不同类型私募股权投资者和机构环境的影响 | 2010 | Strategic Management Journal | 200 | 16.67 |
Denis, DJ | Entrepreneurial finance: An overview of the issues and evidence | 创业金融:问题和证据概述 | 2004 | Journal of Corporate Finance | 199 | 11.06 |
Metrick, A; Yasuda, A | The economics of private equity funds | 私募股权基金的经济学 | 2010 | Review of Financial Studies | 181 | 15.08 |
Brav, O | Access to capital, capital structure, and the funding of the firm | 资本获取、资本结构和公司融资 | 2009 | Journal of Finance | 180 | 13.85 |
Cumming, D; Walz, U | Private equity returns and disclosure around the world | 全球私募股权回报和披露 | 2010 | Journal of International Business Studies | 179 | 14.92 |
Cumming, D; Siegel, DS; Wright, M | Private equity, leveraged buyouts and governance | 私募股权、杠杆收购和治理 | 2007 | Journal of Corporate Finance | 160 | 10.67 |
Bargeron, LL; Schlingemann, FP; Stulz, RM; Zutter, CJ | Why do private acquirers pay so little compared to public acquirers? | 为什么私人收购者相比公共收购者支付得这么少? | 2008 | Journal of Financial Economics | 134 | 9.57 |
Cumming, D | Government policy towards entrepreneurial finance: Innovation investment funds | 政府对创业金融的政策:创新投资基金 | 2007 | Journal of Business Venturing | 129 | 8.60 |
Lerner, J; Schoar, A; Wongsunwai, W | Smart institutions, foolish choices: The limited partner performance puzzle | 聪明机构,愚蠢选择:有限合伙人绩效之谜 | 2007 | Journal of Finance | 127 | 8.47 |
Badertscher, BA; Katz, SP; Rego, SO | The separation of ownership and control and corporate tax avoidance | 所有权与控制的分离和公司避税 | 2013 | Journal of Accounting and Economics | 113 | 12.56 |
Givoly, D; Hayn, CK; Katz, SP | Does public ownership of equity improve earnings quality? | 公共股权所有权是否提高了盈利质量? | 2010 | Accounting Review | 110 | 9.17 |
Stuart, TE; Yim, S | Board interlocks and the propensity to be targeted in private equity transactions | 董事会互锁与成为私募股权交易目标的倾向 | 2010 | Journal of Financial Economics | 101 | 8.42 |
Meuleman, M; Amess, K; Wright, M; Scholes, L | Agency, strategic entrepreneurship, and the performance of private equity-backed buyouts | 代理问题、战略创业与私募股权支持的收购绩效 | 2009 | Entrepreneurship Theory and Practice | 98 | 7.54 |
Renneboog, L; Simons, T; Wright, M | Why do public firms go private in the UK? The impact of private equity investors, incentive realignment and undervaluation | 为什么英国的上市公司会私有化?私募股权投资者、激励重对齐和低估的影响 | 2007 | Journal of Corporate Finance | 97 | 6.47 |
Groh, AP; von Liechtenstein, H; Lieser, K | The European venture capital and private equity country attractiveness indices | 欧洲风险资本和私募股权国家吸引力指数 | 2010 | Journal of Corporate Finance | 94 | 7.83 |
表 8 风险资本研究中的显著主题
主题 | 作者(s) | 标题 | 来源 | 年份 | 引用次数 (TC) | 主要话题 |
---|---|---|---|---|---|---|
主题 #1 : 风险资本采纳与融资流程 (TP: 122; TC: 4,999) | Gompers, P; Lerner, J | The venture capital cycle | MIT Press, Cambridge | 1999 | 288 | 风险资本投资 • 风险资本流程 • 融资周期 |
Sorenson, O; Stuart, TE | Syndication networks and the spatial distribution of venture capital investments | American Journal of Sociology | 2001 | 231 | ||
Stuart, TE; Hoang, H; Hybels, RC | Interorganizational endorsements and the performance of entrepreneurial ventures | Administrative Science Quarterly | 1999 | 164 | ||
Cohen, WM; Levinthal, DA | Absorptive capacity: A new perspective on learning and innovation | Administrative Science Quarterly | 1990 | 93 | ||
Dushnitsky, G; Lenox, MJ | When do incumbents learn from entrepreneurial ventures?: Corporate venture capital and investing firm innovation rates | Research Policy | 2005 | 92 | ||
主题 #2 : 风险资本在商业中的作用 (TP: 118; TC: 4,614) | Gorman, M; Sahlman, WA | What do venture capitalists do? | Journal of Business Venturing | 1989 | 189 | 通过风险资本增值 • 风险资本基金对公司治理和战略的影响 |
Hsu, DH | What do entrepreneurs pay for venture capital affiliation? | Journal of Finance | 2004 | 183 | ||
Baum, JAC; Silverman, BS | Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups | Journal of Business Venturing | 2004 | 131 | ||
Sapienza, HJ; Manigart, S; Vermeir, W | Venture capitalist governance and value added in four countries | Journal of Business Venturing | 1996 | 116 | ||
Sapienza, HJ | When do venture capitalists add value? | Journal of Business Venturing | 1992 | 113 | ||
主题 #3 : 风险资本治理 (TP: 110; TC: 6,165) | Sahlman, WA | The structure and governance of venture-capital organizations | Journal of Financial Economics | 1990 | 297 | 风险资本组织的治理与战略 • 风险资本对公司能力的影响 |
Hellmann, T; Puri, M | Venture capital and the professionalization of start-up firms: Empirical evidence | Journal of Finance | 2002 | 269 | ||
Gompers, PA | Optimal investment, monitoring, and the staging of venture capital | Journal of Finance | 1995 | 242 | ||
Kaplan, SN; Strömberg, P | Financial contracting theory meets the real world: An empirical analysis of venture capital contracts | Review of Economic Studies | 2003 | 196 | ||
Lerner, J | Venture capitalists and the oversight of private firms | Journal of Finance | 1995 | 192 | ||
主题 #4 : 风险资本联合 (TP: 39; TC: 1,855) | Hochberg, YV; Ljungqvist, A; Lu, Y | Whom you know matters: Venture capital networks and investment performance | Journal of Finance | 2007 | 244 | 风险资本联合 • 跨境风险资本网络 |
Lerner, J | The syndication of venture capital investments | Financial Management | 1994 | 191 | ||
Brander, JA; Amit, R; Antweiler, W | Venture-capital syndication: Improved venture selection vs. The value-added hypothesis | Journal of Economics and Management Strategy | 2002 | 139 | ||
Wright, M; Lockett, A | The structure and management of alliances: Syndication in the venture capital industry | Journal of Management Studies | 2003 | 86 | ||
Bygrave, WD | Syndicated investments by venture capital firms: A networking perspective | Journal of Business Venturing | 1987 | 72 | ||
主题 #5 : 风险资本与公共组织的创建 (TP: 33; TC: 1,805) | Megginson, WL; Weiss, KA | Venture capitalist certification in initial public offerings | Journal of Finance | 1991 | 198 | 风险资本认证 • 风险资本联盟的结构与治理 |
Gompers, PA | Grandstanding in the venture capital industry | Journal of Financial Economics | 1996 | 150 | ||
Barry, CB; Muscarella, CJ; Peavy III, JW; Vetsuypens, MR | The role of venture capital in the creation of public companies. Evidence from the going-public process | Journal of Financial Economics | 1990 | 129 | ||
Nahata, R | Venture capital reputation and investment performance | Journal of Financial Economics | 2008 | 102 |
表9 VC 研究前沿



