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Are Ventures Better off with a CVC L...

Goncalves, Duarte Manuel Cruz.

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Are Ventures Better off with a CVC Lead Investor? Evidence from IPOs of VC-Backed Startups.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Are Ventures Better off with a CVC Lead Investor? Evidence from IPOs of VC-Backed Startups./
作者:	Goncalves, Duarte Manuel Cruz.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
面頁冊數:	51 p.
附註:	Source: Masters Abstracts International, Volume: 83-09.
Contained By:	Masters Abstracts International83-09.
標題:	Innovations. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28992265
ISBN:	9798209816379

Are Ventures Better off with a CVC Lead Investor? Evidence from IPOs of VC-Backed Startups.
Goncalves, Duarte Manuel Cruz.

Are Ventures Better off with a CVC Lead Investor? Evidence from IPOs of VC-Backed Startups. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 51 p.

Source: Masters Abstracts International, Volume: 83-09.

Thesis (Master's)--Universidade Catolica Portuguesa (Portugal), 2021.

The importance of the Venture Capital industry has been growing exponentially due to its impact on the economy, leading to trillions in revenues and millions in jobs created. Although its relevancy, the influence of the two main types of VCs on their backed startups has been understudied. This dissertation focuses on the value added by CVCs to the firms present on their portfolio, by comparing its IPO valuation with its IVC peers. In order to come up with significant results for this analysis, a sample of 719 VC-backed ventures, where 66 were CVCbacked, was extracted from Thomson Reuters. The empirical analysis focuses on the Propensity Score Matching approach, pairing ventures based on their probability of being funded by a corporate investor, and consequently, interpret the results derived from the valuation multiple ratios between the "nearest neighbors". The results obtained showed that, startups which have an established corporation as their lead investor are able to achieve higher valuations at their IPO vis-a-vis its IVC-backed competitors. Moreover, it has been proven that the CVC-backed ventures outperformance is mainly driven by startups which hold a strategic fit with their investor, with higher strategic overlaps being translated into more significant valuations. This thesis contributes to the enrichment of the Industry's literacy while also easing entrepreneurs' decisions when choosing a funding partner.

ISBN: 9798209816379Subjects--Topical Terms:

754112
Innovations.

Are Ventures Better off with a CVC Lead Investor? Evidence from IPOs of VC-Backed Startups.
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500 $a Source: Masters Abstracts International, Volume: 83-09.
500 $a Advisor: Shuwaikh, Fatima.
502 $a Thesis (Master's)--Universidade Catolica Portuguesa (Portugal), 2021.
520 $a The importance of the Venture Capital industry has been growing exponentially due to its impact on the economy, leading to trillions in revenues and millions in jobs created. Although its relevancy, the influence of the two main types of VCs on their backed startups has been understudied. This dissertation focuses on the value added by CVCs to the firms present on their portfolio, by comparing its IPO valuation with its IVC peers. In order to come up with significant results for this analysis, a sample of 719 VC-backed ventures, where 66 were CVCbacked, was extracted from Thomson Reuters. The empirical analysis focuses on the Propensity Score Matching approach, pairing ventures based on their probability of being funded by a corporate investor, and consequently, interpret the results derived from the valuation multiple ratios between the "nearest neighbors". The results obtained showed that, startups which have an established corporation as their lead investor are able to achieve higher valuations at their IPO vis-a-vis its IVC-backed competitors. Moreover, it has been proven that the CVC-backed ventures outperformance is mainly driven by startups which hold a strategic fit with their investor, with higher strategic overlaps being translated into more significant valuations. This thesis contributes to the enrichment of the Industry's literacy while also easing entrepreneurs' decisions when choosing a funding partner.
520 $a A importancia da industria do Capital de Risco tem vindo a crescer devido ao seu impacto na economia. Apesar da sua relevancia, a influencia das principais sociedades de capital de risco (SCR) nas startups que estes financiam tem sido pouco estudada. Esta dissertacao foca-se no valor acrescentado pelas SCRs associadas a grandes corporacoes nas empresas do seu portfolio, comparando a sua avaliacao na Oferta Publica Inicial (OPI) com startups financiadas por fundos de capital de risco especializados na area. De forma a estudar a tematica, uma amostra de 719 startups financiadas por SCRs foi extraida da Thomson Reuters. A analise empirica foca-se no emparelhando das empresas tendo em consideracao a sua probabilidade de serem financiadas por uma corporacao e, consequentemente, interpretar os resultados derivados do racio do multiplo da avaliacao entre os "vizinhos mais proximos". Os resultados obtidos mostram que as startups que tem uma corporacao como investidor principal sao capazes de alcancar avaliacoes superiores na sua OPI comparando com os seus competidores maioritariamente financiados por SCR especializadas. Alem disso, foi provado que o superior desempenho destas empresas e principalmente atribuido as firmas que tem uma relacao estrategica com o seu investidor, sendo que quanto mais profunda esta relacao, melhor serao os resultados obtidos. Esta tese contribui para a literatura da industria, para alem de facilitar a decisao dos empreendedores aquando da escolha do seu parceiro de financiamento.
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