The Venture Capital Cycle

摘要: The venture captial industry in the United States has grown dramatically over last two decades. Annual inflows to funds have expanded from virtually zero mid-1970s more than US$9 billion 1997. Many of most visible new firms -including Apple Computer, Genentech, Intel, Lotus, Microsoft and Yahoo - been backed by capital funds. Yet despite this tremendous growth its success, remains a mysterious industry. Numerous misconceptions persist about nature role capitalists. Paul Gompers Josh Lerner's extensive research on organizations is based largely original data sets developed through close relationships with institutional investors investment advisors. "The Venture Capital Cycle" synthesizes their path-breaking work. After an historical overview, book looks at formation funds, operating companies liquidation these investments. concluding chapter provides road map for future growing area. Three themes run throughout book. first that all capitalists confront incentive information problems. second because various stages processes are related, entire process best viewed as cycle. third that, unlike financial markets, adjusts very slowly shifts supply demand financing.