Buybacks as an efficient strategy for venture capital in emerging markets

被引：3
|
作者：
Wang, Lanfang [1 ]
Wang, Susheng [2 ]
机构：
[1] Shanghai Univ Finance & Econ, Shanghai, Peoples R China
[2] Hong Kong Univ Sci & Technol, Hong Kong, Hong Kong, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2017年 / 43卷
基金：
中国国家自然科学基金;
关键词：
Buybacks; Emerging markets; Venture capitalists; INITIAL PUBLIC OFFERINGS; INVESTMENT PERFORMANCE; MORAL HAZARD; EXITS; FIRMS; CERTIFICATION; INNOVATION; OWNERSHIP; CONTRACTS; DECISION;
D O I：
10.1016/j.pacfin.2017.03.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Special circumstances in emerging markets call for special strategies for venture capitalists. In emerging markets, venture capitalists are often observed to exit through buybacks. This paper develops a theory and provides empirical evidence on such joint ventures. We show that buybacks can bean efficient solution in emerging markets. We also find supporting evidence from the China market. (C) 2017 Elsevier B.V. All rights reserved.
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页码：107 / 123
页数：17
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