资本市场法律和首次公开发行对风险投资的影响【外文翻译】

1、文献The influence of capital market laws and initial public offering (IPO) process on venture capital HYPERLINK :/ sciencedirect /science/journal/03772217 European Journal of Operational Research HYPERLINK :/ sciencedirect /science?_ob=PublicationURL&_tockey=%23TOC%235963%232021%23998079998%23697455%2

2、3FLA%23&_cdi=5963&_pubType=J&view=c&_auth=y&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=bbae67cd18eaca97819a4e2ef67f2d8e Volume 192, Issue 1, 1 January 2021, Pages 293-301 thorDocuments&_targetURL= %3A%2F%2F scopus %2Fscopus%2Finward%2Fauthor.url%3FpartnerID%3D10%26rel%3D3.0.0%26so

3、rtField%3Dcited%26sortOrder%3Dasc%26author%3DWonglimpiyarat,%2520Jarunee%26authorID%3D6507598919%26md5%3D0d2b64a82ad3a4f7a57fb06d724f0184&_acct=C000050519&_version=1&_userid=8849623&md5=35cfb413b2ceeea4fb8a6a64b906a257 Jarunee WonglimpiyaratThe National Science and Technology Development Agency, Min

4、istry of Science and Technology, 111 Thailand Science Park, Paholyothin Road, Klong 1, Klong Luang, Pathumthani 12120, ThailandAbstractThis paper is concerned with the influence of capital market laws and initial public offering (IPO) process on venture capital. It discusses the impact of US federal

5、 state laws and Securities and Exchange Commission (SEC) regulations to the venture capital markets, arguing if the rules and regulatories are burdensome to entrepreneurs and new-growth businesses. The impact of Sarbanes-Oxley Act and the future Investment Act on venture capital funds and entreprene

6、urial companies going public are also discussed. The paper proposes the model of venture capital financing describing the process from fund raising to investment exits, the linkages of the venture capital market to the financial/capital markets and the related capital market laws. The policy implica

7、tions on SEC regulations essential to the development of venture capital industry are suggested.Keywords: capital market；Securities；entrepreneurship; regulated industries;law1.1. The relation of venture capital funding and the capital marketVenture capital (VC) is a high-risk, potentially high-retur

8、n investment to support business creation and growth. It is a source of funds that typically finance new and rapidly growing companies through equity participation ( HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_ori

9、g=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bbib7 Bygrave and Timmons, 1992 W.D. Bygrave and J.A. Timmons, Venture Capital at the Crossroads, Harvard Business School Press, Boston, MA

10、 (1992). HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=

11、a l bib7#bib7 Bygrave and Timmons, 1992 and HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62

12、345edb6a09c668bd21a5089&searchtype=a l bib14#bib14 Gompers and Lerner, 2001). In other words, VC is pre-IPO equity capital provided by professional investors. The concept of modern venture capital is defined by HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_co

13、verDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib28#bib28 Megginson (2002) as a professionally managed pool of money raised for the purpose

14、of making equity investments in growing private companies with a well defined exit strategy. Venture capital markets are of particular interest to policy makers since this type of financing is used to fund Hi-Tech companies with the high growth potential in order to draw investments into the local e

15、conomy.Given that innovations often follow a life cycle, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&

16、md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l fig1#fig1 Fig. 1 shows the funding requirement linked to the stages of the innovation process in the life cycle. At the seed, start-up and early stages, the entrepreneurial firms are generally funded by families and venture capitalists. Some ventur

17、e capitalists focus on later-stage investment to help the companies grow to a critical mass to attract public financing through a stock offering. Through these investments, investors generally acquire an equity and/or security that can be convertible into equity in the target company. One of the key

18、 factors cited in the success of venture capital markets in the US has been the presence of a viable exit method ( HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&

19、_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib4#bib4 Black and Gilson, 1998). The development of capital markets e.g. NASDAQ, Regional Stock Markets, New York Stock Exchange (NYSE), American Stock Exchange (AMEX) plays an important r

20、ole in the success of venture capital markets in the US, given that initial public offerings (IPOs) offer a quick exit for the investor. The study of factors determining the growth and development of venture capital markets carried out by HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT

21、-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib17#bib17 Jeng and Wells (2000), based on statistics from 21 cou

22、ntries, concludes that the growth of venture capital markets is influenced by size and liquidity of a nations stock markets. In the venture capital industry, bringing a company public is a signal of success for the venture capital fund backing the issuing company ( HYPERLINK :/ sciencedirect /scienc

23、e?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib10#bib10 Gompers, 1998, HYPERLINK :/

24、 sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib12#bib12 Gompe

25、rs and Lerner, 1998, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089

26、&searchtype=a l bib13#bib13 Gompers and Lerner, 1999, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5

27、=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib14#bib14 Gompers and Lerner, 2001, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&

28、_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib4#bib4 Black and Gilson, 1998, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c

29、&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib17#bib17 Jeng and Wells, 2000, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=sear

30、ch&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib25#bib25 Lerner, 1999, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_ori

31、g=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib26#bib26 Lerner, 2002, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_

32、rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib3#bib3 Barnes et al., 2003 and HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=884962

33、3&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib15#bib15 Hellmann, 2000).Initial public offerings (IPOs) are seen by investors as the

34、best exit mechanism to obtain a return. According to the conventional financial theory, the return required by a rational investor is influenced by the risk of the investment project and the return on less risky investment alternatives. IPO seems to be the most attractive option to liquidate an inve

35、stment as valuations can be highest in a liquid stock market. However, the market for venture capital investments is far from perfect market ( HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search

36、&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib6#bib6 Brealey and Myers, 1996, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=hi

37、gh&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib31#bib31 Wright and Robbie, 1998 and HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_cover

38、Date=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib4#bib4 Black and Gilson, 1998). Most venture capitalists and investors are risk averse. They s

39、ee that the major risk is the risk of not getting their money back from an investment and therefore prefer to invest in profitable businesses. HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search

40、&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l fig2#fig2 Fig. 2 shows the two sets of indifference curves slope upward to reflect the E(r) preferences of the two different risk averse venture capitalists. Unde

41、rlying portfolio theory, all combinations of risk, , and return, E(r), along an indifference curve gives the venture capitalists the same level of satisfaction. Since new entrepreneurial companies are risky prospects, the venture capitalists will demand higher rates of return (risk premium) for maki

42、ng investments ( HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&sea

43、rchtype=a l bib27#bib27 Makens, 2004 and HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345

44、edb6a09c668bd21a5089&searchtype=a l bib5#bib5 Bodie et al., 2005). However, the high yield requirements are frequently incompatible with the growth potential of the preponderance of small issuers. Fig. 2.Analysis of risk and return for the venture capitalists.The venture capital firms generally mana

45、ge several pools of funds and invest in a broad range of industries. The means to make a profitable exit is to register with SEC so that the venture capitalists can sell all their holding shares in the capital market. For the VC-backed companies going public, they have to comply with the federal law

46、s and the laws of the state in which the securities are to be offered and sold. 1.2. Laws and regulations concerning the venture capital fundThe venture capital markets are influenced by a countrys legal and institutional structure. Legal and regulatory variables affect VC investment in terms of sup

47、ply and demand of venture capital finance ( HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62

48、345edb6a09c668bd21a5089&searchtype=a l bib8#bib8 Cumming et al., 2005, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_u

49、serid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib18#bib18 Kanniainen and Keuschnigg, 2003a, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_ac

50、ct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib19#bib19 Kanniainen and Keuschnigg, 2003b, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_ori

51、gin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib20#bib20 Keuschnigg, 2002, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_f

52、mt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib21#bib21 Keuschnigg, 2003, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=

53、01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib22#bib22 Keuschnigg and Nielsen, 2001, HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VC

54、T-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib23#bib23 Keuschnigg and Nielsen, 2003, HYPERLINK :/ sciencedir

55、ect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib24#bib24 Keuschnigg and N

56、ielsen, 2004 and HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&sea

57、rchtype=a l bib1#bib1 Armour, 2003). The role of the US Government in the development of venture capital can be seen, for example, in the cases of the Small Business Investment Corporations (SBICs) legislation in 1958 to encourage investment in small businesses; the Revenue Act of 1978 and the 1981

58、Economic Recovery Tax Act to reduce the capital gains tax rates in order to encourage venture capital investment; the Employee Retirement Income Security Act (ERISA) of 1974 to allow pension funds to invest in private equity ( HYPERLINK :/ sciencedirect /science?_ob=ArticleURL&_udi=B6VCT-4PP2CT0-8&_

59、user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib7#bib7 Bygrave and Timmons, 1992, HYPERLINK :/ sciencedirect /science?_ob=A

60、rticleURL&_udi=B6VCT-4PP2CT0-8&_user=8849623&_coverDate=01%2F01%2F2021&_rdoc=1&_fmt=high&_orig=search&_origin=search&_sort=d&_docanchor=&view=c&_acct=C000050519&_version=1&_urlVersion=0&_userid=8849623&md5=09b9f1a62345edb6a09c668bd21a5089&searchtype=a l bib12#bib12 Gompers and Lerner, 1998 and HYPER