Ozmel, U., Robinson, D.T. and Stuart, T.E. (2013) Strategic Alliances, Venture Capital, and Exit Decisions in Early Stage High-Tech Firms. Journal of Financial Economics, 107, 655-670.
https://doi.org/10.1016/j.jfineco.2012.09.009

has been cited by the following article:

• TITLE: The Influence of Macro Factors on the Exit of Venture Capital—Take the Chinese Market as an Example

  AUTHORS: Xiaolin Yang

  KEYWORDS: Venture Capital, IPO, Trade Sale, Liquidation, Macro Factors

  JOURNAL NAME: Modern Economy, Vol.9 No.7, July 26, 2018

  ABSTRACT: We control the investor and investment-specific factors to test how macro factors affect the exit of venture capital. After using a sample of 28668 VC investments in China, we discover that macro factors such as legal rights and GDP growth have a positive impact on successful exit, which means that macro factors can increase the likelihood of successful exit. Surprisingly, market liquidity which is one kind of macro factors can significantly reduce the likelihood of trade sale, which is different from our predictions. In addition, we find that the VC-backed firms with more amount investment and bigger syndicate size will have more opportunities to IPO, but the VC investors with more experience will decrease the likelihood of trade sale and liquidation.