Building relationships early: Banks in venture capital

• 成果类型: Article
• 署名作者: Hellmann, Thomas; Lindsey, Laura; Puri, Manju
• 署名单位: Duke University; National Bureau of Economic Research; University of British Columbia; Arizona State University; Arizona State University-Tempe
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhm080
• 发表日期: 2008
• 页码: 513
• 关键词: econometric evaluation estimator; lending relationships; INVESTMENT; FIRMS; syndication; instruments; CONTRACTS; benefits; MARKET; loans

摘要

This paper examines bank behavior in venture capital. It considers the relation between a bank's venture capital investments and its subsequent lending, which can be thought of as intertemporal cross-selling. Theory suggests that unlike independent venture capital firms, banks may be strategic investors who seek complementarities between venture capital and lending activities. We find evidence that banks use venture capital investments to build lending relationships. Having a prior relationship with a company in the venture capital market increases a bank's chance of subsequently granting a loan to that company. Companies can benefit from these relationships through more favorable loan pricing.