| Project/Area Number |
16K17167
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Management
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| Research Institution | Nagoya University |
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Principal Investigator |
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| Research Collaborator |
YAMAKAWA yasuhiro Babson College
Powell Skylar Western Washington University
Mathew Prem Oregon State University
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| Project Period (FY) |
2016-04-01 – 2019-03-31
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| Project Status |
Completed (Fiscal Year 2018)
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| Budget Amount *help |
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2016: ¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
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| Keywords | ファイナンス / ベンチャー / ベンチャーキャピタル / 新規株式公開 / ベンチャー企業 / アントレプレナー・ファイナンス |
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| Outline of Final Research Achievements |
I empirically examined entrepreneurial finance in Japan. In contrast to the venture capital (VC) industries in the United States and Europe, the Japanese VC industry has a greater number of affiliated VC firms. In addition, there are new ventures with a board member who has prior affiliation with a VC firm. This study focused on these characteristics. I constructed the dataset on equity financing of new ventures during their private periods.
I found that social capital of new ventures plays an important role in their decision making. Specifically, new ventures with board members who have prior affiliations tend to attract financial investments from the affiliated VC firms. The presence of board members who have worked at a specific bank or its parent company increases the probability of choosing the bank as the lead underwriter, even if the issuer has no lending and shareholding relationships with the underwriter.
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| Academic Significance and Societal Importance of the Research Achievements |
本研究成果の学術的意義は、日本におけるエクイティ・ファイナンスの特徴を考慮し、ベンチャー企業の資金調達やそれに関連する意思決定に影響を与える新たな要因を実証的に明らかにしたことである。研究成果は国際雑誌論文で広く情報公開するに至った。また株式市場における資金調達時の価格決定方式と初期収益率に関する分析結果は、実務界に多数の読者を抱える国内雑誌で公開されているとともに、政策的インプリケーションを与えるものである。
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