Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses

We study the investment analyses of 67 portfolio investments by 11 venture capital (VC) firms. VCs consider the attractiveness and risks of the business, management, and deal terms as well as expected post-investment monitoring. We then consider the relation of the analyses to the contractual terms.

我们针对11家风险投资（venture capital, VC）机构完成的67项组合投资的投资分析进行了研究。此类风险投资机构会综合考量标的业务、管理团队、交易条款的吸引力与潜在风险，以及预期开展的投后监控工作。随后我们进一步探究了上述投资分析与契约条款之间的关联。