VCと事業会社が出資先ベンチャー企業に与える影響 : 日本のIPO企業における実証分析

• 資料種別: 記事
• タイトル: VCと事業会社が出資先ベンチャー企業に与える影響 : 日本のIPO企業における実証分析
• 著者・編者: 吉田 悠記子
• 著者標目: 吉田 悠記子
• 並列タイトル等: Impact Caused by VCs and Non-Financial Companies on Invested Startups : Empirical Analysis Regarding Japanese IPO Companies
• タイトル（掲載誌）: 日本経営学会誌 = Journal of business management / 日本経営学会 編
• 巻号年月日等（掲載誌）: (45):2020.8
• 掲載号: 45
• 掲載ページ: 29-42
• 掲載年月日（W3CDTF）: 2020-08
• ISSN（掲載誌）: 1882-0271
• ISSN-L（掲載誌）: 1882-0271
• 出版事項（掲載誌）: 東京 : 千倉書房
• 出版地（国名コード）: JP
• 本文の言語コード: jpn
• 件名標目: ベンチャーキャピタル; 事業会社; 出資比率; IPOまでの期間; 制度ロジック
• NDLC: ZD23
• 対象利用者: 一般
• 所蔵機関: 国立国会図書館
• 請求記号: Z71-S777
• 連携機関・データベース: 国立国会図書館 : 国立国会図書館雑誌記事索引; https://ndlsearch.ndl.go.jp
• 書誌ID（NDLBibID）: 030660527; http://id.ndl.go.jp/bib/030660527
• 整理区分コード: 632

• 要約等: <p> What value can startups derive from investment by non-financial companies? It has been revealed that venture capital (hereinafter VC) provides not only capital but also various supports for early growth of startups (Carpenter and Petersen, 2002). Financial companies including banks are also analyzed as the source of capital for startups, especially in terms of their differences from VC (Winton and Yerramilli, 2008; Marcus et al, 2013). In addition, the importance of open innovation is increasing (Chesbrough, 2003). Because of non-financial company’s benefits by collaborating with startups, the investment ratio of non-financial companies is still high. However, the impact caused by non-financial companies on the growth of startups has not been fully clarified in previous research. Based on the institutional logic and the resourced-based view, this study analyzed the impact caused by non-financial companies as well as VC and financial companies on initial public offerings (hereinafter IPOs) of startups.</p><p> This study analyzes the data of startups that went public on the Japanese stock exchange from 2007 to 2009. The dependent variable is the period up to IPO, which is an indicator of the speed of growth of startup. The independent variables are the investment ratios of five types of investors before IPO, non-financial companies, financial companies, corporate venture capital (hereinafter CVC) by non-financial companies, CVC by financial companies and independent VC, which are indicators of impact caused by investors. As a result, it is confirmed that the period until IPO is shortened when the investment ratio of non-financial company is high. This means that the growth of the startup up to IPO was promoted earlier because of the investment by non-financial companies. The contribution of this research is that it has clarified the impacts for the growth of startup caused by non-financial companies, under the situation with several types’ investors.</p>
• DOI: 10.24472/keieijournal.45.0_29
• オンライン閲覧公開範囲: インターネット公開
• 連携機関・データベース: 科学技術振興機構 : J-STAGE; http://www.jstage.jst.go.jp

• 要約等: <p> What value can startups derive from investment by non-financial companies? It has been revealed that venture capital (hereinafter VC) provides not only capital but also various supports for early growth of startups (Carpenter and Petersen, 2002). Financial companies including banks are also analyzed as the source of capital for startups, especially in terms of their differences from VC (Winton and Yerramilli, 2008; Marcus et al, 2013). In addition, the importance of open innovation is increasing (Chesbrough, 2003). Because of non-financial company’s benefits by collaborating with startups, the investment ratio of non-financial companies is still high. However, the impact caused by non-financial companies on the growth of startups has not been fully clarified in previous research. Based on the institutional logic and the resourced-based view, this study analyzed the impact caused by non-financial companies as well as VC and financial companies on initial public offerings (hereinafter IPOs) of startups.</p><p> This study analyzes the data of startups that went public on the Japanese stock exchange from 2007 to 2009. The dependent variable is the period up to IPO, which is an indicator of the speed of growth of startup. The independent variables are the investment ratios of five types of investors before IPO, non-financial companies, financial companies, corporate venture capital (hereinafter CVC) by non-financial companies, CVC by financial companies and independent VC, which are indicators of impact caused by investors. As a result, it is confirmed that the period until IPO is shortened when the investment ratio of non-financial company is high. This means that the growth of the startup up to IPO was promoted earlier because of the investment by non-financial companies. The contribution of this research is that it has clarified the impacts for the growth of startup caused by non-financial companies, under the situation with several types’ investors.</p>
• DOI: 10.24472/keieijournal.45.0_29; https://doi.org/10.24472/keieijournal.45.0_29
• 関連情報（URI）: http://id.ndl.go.jp/bib/030660527; https://ndlsearch.ndl.go.jp/books/R000000004-I030660527
• 連携機関・データベース: 国立情報学研究所 : CiNii Research; https://cir.nii.ac.jp/
• 提供元機関・データベース: Japan Link Center; https://japanlinkcenter.org/top; 雑誌記事索引データベース; https://ndlsearch.ndl.go.jp; CiNii Articles
• 書誌ID（NDLBibID）: 030660527; http://id.ndl.go.jp/bib/030660527
• NII論文ID: 130008082902