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  • 标题:Investment Timing for New Business Ventures
  • 本地全文:下载
  • 作者:Blazenko, George W. ; Pavlov, Andrey D.
  • 期刊名称:The Journal of Entrepreneurial Finance
  • 印刷版ISSN:2373-1753
  • 电子版ISSN:2373-1761
  • 出版年度:2010
  • 卷号:14
  • 期号:3
  • 页码:37-68
  • 出版社:Pepperdine University
  • 摘要:A key requirement for the start of many entrepreneurial business is private equity or venture capital financing. In the traditional approach to entrepreneurial investment analysis, an entrepreneur starts a new venture and a venture capitalist finances the new venture when business return exceeds the financial opportunity cost for comparable risk - the cost of capital for the new venture. The real options literature recommends that entrepreneurs delay business start due to investment irreversibility until business return reaches a threshold greater than the cost of capital. In this paper, we show that for new ventures with modest earnings volatility, an entrepreneur starts his/her business before return exceeds the cost of capital. We identify the circumstances in which the cost of capital is an unduly conservative return benchmark for the start of a new business and discuss the empirical implications of our findings.
  • 关键词:New ventures; business start; corporate investment; entrepreneurship
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