We investigate the impact of financial sponsor backing [venture capital (VC) or private equity (PE)] on post-initial public offerings (IPO) acquisition strategies of newly public companies. We find that PE-backed newly public firms undertake nearly three times more acquisitions than VC-backed ones and almost twice as many as non-backed firms, indicating that acquisitions are a primary growth strategy for PEs. This result remains robust after addressing potential endogeneity concerns. Additionally, PE syndicate-backed firms engage in transformative acquisitions, proxied by size, while VC-backed firms prioritise organic growth through R&D spending. Moreover, PE-backed acquirers experience significant positive long-run post-IPO stock returns, unlike VC-backed acquirers.

中文翻译：

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初始保荐人支持对首次公开募股后收购活动的影响

我们研究了金融赞助商支持[风险投资（VC）或私募股权（PE）]对新上市公司首次公开募股（IPO）后收购策略的影响。我们发现，私募股权投资支持的新上市公司进行的收购几乎是风险投资支持的公司的三倍，几乎是非风险投资支持的公司的两倍，这表明收购是私募股权公司的主要增长策略。在解决了潜在的内生性问题后，这一结果仍然稳健。此外，私募股权财团支持的公司以规模为代表进行变革性收购，而风险投资支持的公司则优先考虑通过研发支出实现有机增长。此外，与风险投资支持的收购方不同，私募股权支持的收购方在首次公开募股后股票长期回报显着。