1、 2000 单词， 10500 英文字符， 3785 汉字 出处： Puri M, Zarutskie R. On the Life Cycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed FirmsJ. The Journal of Finance, 2012, 67(6):22472293. On the Life Cycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms M Puri， R Zarutskie ABSTR
2、ACT W e use data over 25 years to understand the life cycle dyna mics of VC - and non- VC- financed fir ms. W e find s uccess ful and failed VC-financed fir ms achieve larger s cale but are not more profitable at e xit than matched non - VC-financed fir ms. Cu mulative failu re rates of VC-financed
3、fir ms are lower, with the difference driven largely by lower failure rates in the initial years after receiving VC. Our res ults are not driven by VCs dis guis ing failures as acquis itions or by certain types of VCs . The perfor mance di fference between VC- and non - VC-financed fir ms narrows in
4、 the post -internet bub - ble years , but does not disappear. TH E V EN T U RE CA PITA L ( VC) industry has grown dra matically over the past 30 years. In 1980 the total a mount of money newly invested by venture capital- is ts in the U.S. was estimated at $610 million, according to figures publis h
5、ed by PricewaterhouseCoopers Moneytree. By 1990 this figure had already increas ed to $2. 3 billion and in 1998 it reached nearly $20 billion. W hile the nu mbers fell after the boo m period of 1999 and 2000, when VC investment peaked at almost $100 billion, in 2008 the amount invested by venture ca
6、pitalists was around $28 billion. Clearly, VC has grown as a s ignificant source of financing for new fir ms over the past 30 years . Yet many ques tions about VC as an institution, which type of firms it finances and the life cycle dynamics of VC -financed firms re main. In particular, much of our understanding about VC-financed fir ms co mes from analys is of fir ms that are success ful and survive. We have little un- derstanding of VC-financed fir ms that
