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讲座预告 | Creative Destruction and Venture Capital Investment (创造性破坏和风险投资)

发布时间:2019-06-12    来源:

讲座时间:20196月19日 14:00


主讲人:Wei Wang (王炜)

主讲人简介:王炜教授是克利夫兰州立大学商学院金融学副教授(终身教职),中国科学技术大学学士,科罗拉多大学金融学博士。王教授在Journal of Financial EconomicsJournal of Corporate FinanceReview of Finance等国际金融顶尖期刊发表论文10余篇。研究成果多次获奖,如美国西南金融协会公司金融领域最佳论文奖(2012)Journal of Financial Research期刊优秀论文(2015) Financial Management期刊最佳论文(2017)。王教授担任Entrepreneurship Theory and Practice, Journal of Banking and Finance 等国际重要经管期刊的匿名评审人。王教授研究领域为公司金融,且在IPO、资本结构、公司治理、风险资本和国际金融市场等方向颇有建树。

讲座内容: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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