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Creative Destruction and Venture Capital Investment
發布時間:2019-06-14    

講座時間:2019年6月19日 14:00

講座地點:25教學樓A區3C教室

主講人:Wei Wang (王煒)


主講人簡介:王煒教授是克利夫蘭州立大學商學院金融學副教授(終身教職),中國科學技術大學學士,科羅拉多大學金融學博士。王教授在Journal of Financial EconomicsJournal of Corporate Finance,Review of Finance等國際金融頂尖期刊發表論文10余篇。研究成果多次獲獎,如美國西南金融協會公司金融領域最佳論文獎(2012年),Journal of Financial Research期刊優秀論文(2015年) Financial Management期刊最佳論文(2017年)等。王教授擔任Entrepreneurship Theory and Practice, Journal of Banking and Finance 等國際重要經管期刊的匿名評審人。王教授研究領域為公司金融,且在IPO、資本結構、公司治理、風險資本和國際金融市場等方向頗有建樹。

講座內容:We examine the real effect of venture capital (VC) investment on public incumbents in the same Fama-French 49 industry. We construct four measures of creative destruction: i) firm permutation within industry rankings, ii) growth variability between industry winners and losers, iii) firm exit, and iv) turnover of industry leading firms. VC investment is positively associated with future change in all four measures, both in the home industry and in neighboring industries. R&D investment is negatively associated with all four creative destruction measures, consistent with it proxying for investment by entrenched incumbents seeking to improve existing technologies rather than disruptive innovation.

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