作者：Lanfang Wang，Susheng Wang，Jin Zhang
关键字：VentureCapitalOvervaluationBubble
摘要/Abstract
This paper investigates the association between venture capital (VC) backing and the likelihood of firm overvaluation in and around the high-tech bubble period. We make use of a large sample of 14,364 firm-year observations for firms listed on NASDAQ during the pre-bubble (1994–1997), bubble (1998–2000) and post-bubble (2001–2004) periods. After controlling for endogeneity and many other factors, we find strong evidence that a VC-backed firm is more likely than a non-VC-backed firm to be overvalued during the bubble period. But outside of the bubble period, all the differences in overvaluation between VC-backed and non-VC-backed firms disappear. Further evidence suggests that such association is only relevant if the firms are recently went public and VCs have high ownership or control. Our findings provide additional evidence supporting VC opportunism in a boom period and contribute to the literature on the behavior of financial institutions over the business cycle.
全文阅读：https://www.sinoss.net/qikan/2012/0703/13100.html