1、1450单词， 7700英文字符， 3050汉字 文献出处： Cumming D, Fleming G, Schwienbacher A. Liquidity risk and venture capital finance J. Financial Management, 2005, 34(4): 77-105. http:/w ww.w 原文 Liquidity Risk and Venture Capital Finance Douglas; Grant; Schwienbacher This article provides theory and evidence in suppor
2、t of the proposition that venture capitalists adjust their investment decisions according to liquidity conditions on IPO exit markets. We refer to technological risk as a choice variable in terms of the characteristics of the entrepreneurial firm in which the venture capitalist invests, and liquidit
3、y risk as the current and expected future external exit market conditions. We show that in times of expected illiquidity of exit markets (high liquidity risk), venture capitalists invest proportionately more in new high-tech and early-stage projects (high technology risk) in order to postpone exit r
4、equirements. When exit markets are liquid, venture capitalists rush to exit by investing more in later-stage projects. We further provide complementary evidence that shows that conditions of low liquidity risk give rise to less syndication. Our theory and supporting empirical results facilitate a un
5、ifying theme that links related research on illiquidity in private equity. Policymakers around the world often express concern about why there is not more investment in privately held early-stage companies. Further, the extreme cyclically of early-stage investment, and what the drivers are, remains
6、a relatively unexplored issue in private equity and venture capital research. This article introduces a new and somewhat counterintuitive theory to facilitate an understanding of these issues. The US data examined herein support the theory. Venture capitalists (VCs) invest in small private growth companies that typically do not have cash flows to pay interest on debt or dividends on equity. VCs invest in private companies over a period that generally ra
