| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29532 |
| 来源ID | Working Paper 29532 |
| Private or Public Equity? The Evolving Entrepreneurial Finance Landscape | |
| Michael Ewens; Joan Farre-Mensa | |
| 发表日期 | 2021-12-06 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | The U.S. entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs raising their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage startups are raising larger amounts of capital in the private markets from a growing pool of traditional and new investors. These private market changes have coincided with a sharp decline in the number of firms going public—and when firms do go public, they are older and have raised more private capital. To understand these facts, we provide a systematic description of the differences between private and public firms. Next, we review several regulatory, technological, and competitive changes affecting both startups and investors that help explain how the trade-offs between going public and staying private have changed. We conclude by listing several open research questions. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w29532 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587206 |
| 推荐引用方式 GB/T 7714 | Michael Ewens,Joan Farre-Mensa. Private or Public Equity? The Evolving Entrepreneurial Finance Landscape. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29532.pdf（275KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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