Patent collateral, investor commitment, and the market for venture lending

• 成果类型: Article
• 署名作者: Hochberg, Yael V.; Serrano, Carlos J.; Ziedonis, Rosemarie H.
• 署名单位: Rice University; National Bureau of Economic Research; Pompeu Fabra University; Boston University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2018.06.003
• 发表日期: 2018
• 页码: 74-94
• 关键词: Venture debt; venture capital; Collateral assets; patents

摘要

We explore the market for lending to start-ups and two mechanisms that facilitate trade within it: (1) the salability of patent collateral and (2) the credible commitment of equity investors. Intensified trading in the secondary patent market is strongly related to lending, particularly for start-ups with more redeployable patent assets. Utilizing the crash of 2000 as a severe and unexpected capital supply shock for venture capitalists, we further show that lenders continue to finance start-ups with recently funded investors better able to credibly commit to refinance their portfolio companies while withdrawing from otherwise promising projects that could have needed their funds the most. (C) 2018 Elsevier B.V. All rights reserved.