ABSTRACT

A high level of information asymmetry is characterizing for venture capital investments making new information about entrepreneurial companies especially valuable for a venture capitalist’s valuation process. This paper uses text classification and text mining methodology to extract structured data about capital allocation plans in a unique sample of 1,550 European funding rounds that serves as proxy for the private informational updates shared with investors by entrepreneurs. We show that venture capitalists incorporate the content and specificity of information into their valuation process. Further, results confirm that the value of new information is dependent on the prevailing level of information asymmetry.

摘要

高度信息不对称是风险资本投资的特征，这使得有关创业公司的新信息对于风险资本家的估值过程特别有价值。本文使用文本分类和文本挖掘方法从 1,550 轮欧洲融资轮次的独特样本中提取有关资本分配计划的结构化数据，该样本可作为企业家与投资者共享的私人信息更新的代理。我们表明，风险资本家将信息的内容和特殊性纳入他们的估值过程。此外，结果证实新信息的价值取决于信息不对称的普遍程度。