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Venture Capital Returns and Public Market Performance

出版	University of Florida, 2010
URL	http://books.google.com.hk/books?id=3AJlAQAACAAJ&hl=&source=gbs_api

註釋ABSTRACT: Since 1970, the Venture Capital (VC) industry has been a catalyst for innovation and job creation in the U.S. Over the past 40 years, venture capitalists have invested approximately $456 billion in 27,000 companies that have created innovative companies including FedEx, Starbucks, Google, Microsoft, Yahoo, Cisco, eBay, Genentech, Intel, Apple, Twitter and Facebook. This thesis analyzes the returns to VC funds relative to the returns to publicly traded firms in similar industries over the period of 1990 until 2008. I report striking differences from the 1990 to 1999 time period and from 2000 until 2008 in venture capital returns relative to the public markets. The venture capital industry experienced a very robust and persistent growth period during the 1990s with a virtual explosion of capital inflows between 1998 and 2000. During this period VC returns and public technology stock returns were very high. In addition, VC returns were higher than the returns to the publicly traded firms and benchmark indices. Since 2000, VC returns have been low. This is not surprising since the dramatic decline in technology stock valuations has resulted in overall lower exit multiples for VC funded exits. The striking result that I document is that VC returns have actually been lower than the returns to publicly traded technology firms.