为什么如此少的创业企业获得风险投资?

Why do so few Start-up Firms obtain Venture Capital?

通过构建模型,首先分析了在一个连续竞争的产品市场中,企业的资金优势如何转化为产品市场的竞争优势,进一步分析了风险投资收益率要求与能够获得风险投资的企业的数量关系。文章解释了为什么只有少数企业能够获得风险投资的青睐和上市,这可以帮助我们理解为什么在证券市场环境下,风险投资对创业企业发展如此重要,以及为什么传统产业演进中的大量企业完全竞争过程被大大缩短,甚至基本上没有出现。

Using a continuous-time model in a competitive product market, this paper analyzes how firms gain competitive advantage in the product market through their funding ability. This paper further explores the relationship between the VC＇s required rate of return and the number of firms which are financed by the VC. The results can explain why so few start-up firms have access to VC and then go to the public successfully. This paper also helps us understand that VC is very important to start-up firms when there exist capital market, and the competition process in the classic industry consolidation has been accelerated or there is no competition between many firms at all.