Vai trò của các chương trình tăng tốc trong cấu trúc vốn của các công ty khởi nghiệp

Small Business Economics - Tập 59 - Trang 1143-1167 - 2021
Ana Venâncio1, João Jorge1
1ISEG- Lisbon School of Economics and Management, Universidade de Lisboa, and ADVANCE/CSG, Lisbon, Portugal

Tóm tắt

Nhiều yếu tố ảnh hưởng đến cấu trúc vốn của các công ty khởi nghiệp. Trong nghiên cứu này, chúng tôi so sánh sự lựa chọn cấu trúc vốn của các công ty khởi nghiệp có tham gia chương trình tăng tốc và không tham gia nhằm đánh giá vai trò của các chương trình tăng tốc trong quyết định cấu trúc vốn của các công ty khởi nghiệp. Sử dụng một cơ sở dữ liệu toàn diện do Trường đại học Emory cung cấp, chúng tôi phát hiện rằng các công ty khởi nghiệp tham gia chương trình tăng tốc có tỷ lệ vốn chủ sở hữu từ bên ngoài cao hơn so với các công ty không tham gia, sau khi đã xem xét các khác biệt cụ thể của công ty và các yếu tố không quan sát được của các công ty khởi nghiệp, đặc biệt là khi điều kiện kinh tế xấu đi. Chúng tôi cũng xác nhận rằng các công ty khởi nghiệp tham gia chương trình tăng tốc huy động được nhiều vốn hơn thông qua các nhà đầu tư từ thiện, nhưng hiệu ứng này biến mất khi chúng tôi kiểm soát các yếu tố cố định của công ty. Những kết quả này gợi ý rằng các chương trình tăng tốc cung cấp các tín hiệu thông tin về chất lượng của dự án, mặc dù chỉ dành cho các nhà đầu tư vốn chủ sở hữu bên ngoài, và đặc biệt trong các giai đoạn suy thoái. Phát hiện của chúng tôi có ý nghĩa đối với việc hiểu rõ hơn về vai trò của thông tin không đối xứng và chu kỳ kinh doanh trong quyết định về cấu trúc vốn cho các công ty khởi nghiệp tham gia chương trình tăng tốc. Các chương trình tăng tốc giúp tài trợ cho doanh nghiệp. Nhưng những nguồn nào có khả năng đầu tư vào các công ty khởi nghiệp tham gia chương trình tăng tốc nhất, và điều kiện chu kỳ kinh doanh ảnh hưởng đến mối quan hệ này như thế nào? Sử dụng một cơ sở dữ liệu toàn diện do Trường đại học Emory cung cấp, chúng tôi xác định các nguồn tài trợ cho các công ty khởi nghiệp (nợ, vốn chủ sở hữu bên ngoài và vốn từ thiện) cho các năm trước, trong và sau khi nộp đơn tham gia thành công và không thành công vào chương trình tăng tốc. Chúng tôi phát hiện rằng các công ty khởi nghiệp tham gia chương trình tăng tốc có tỷ lệ vốn chủ sở hữu từ bên ngoài cao hơn so với các công ty không tham gia, đặc biệt khi điều kiện kinh tế xấu đi. Những kết quả này cho thấy rằng các chương trình tăng tốc cung cấp các tín hiệu thông tin về chất lượng của dự án, mặc dù chỉ dành cho các nhà đầu tư vốn chủ sở hữu bên ngoài, và đặc biệt trong các giai đoạn suy thoái. Ý nghĩa chính của nghiên cứu này là có thể khuyên các doanh nhân đang có kế hoạch huy động vốn từ các nhà đầu tư bên ngoài nên trước tiên nộp đơn tham gia các chương trình tăng tốc để cải thiện cơ hội thu hút vốn chủ sở hữu bên ngoài, đặc biệt trong các thời kỳ suy thoái kinh tế.

Từ khóa

#cấu trúc vốn #chương trình tăng tốc #công ty khởi nghiệp #nhà đầu tư #chu kỳ kinh doanh

Tài liệu tham khảo

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