The Broader Role of Venture Capital Due Diligence

• 成果类型: Article
• 署名作者: Gonzalez-Uribe, Juanita; Klingler-Vidra, Robyn; Wang, Su; Yin, Xiang
• 署名单位: University of London; London School Economics & Political Science; University of London; King's College London; ShanghaiTech University; Tsinghua University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag014
• 发表日期: 2026-07
• 页码: 2018-2063
• 关键词: G24; L26; M13; FIRMS; performance; selection; EVOLUTION; Managers; IMPACT

摘要

Analyzing approximately 2,000 applicants to a U.K. seed fund, this study examines how venture capital (VC) due diligence affects startup outcomes independent of funding decisions. Leveraging random reviewer assignment, we find that due diligence increases 2-year growth but lowers continuation rates among nonfunded applicants, reflecting a dynamic of accelerated scaling or exit. Evidence points to a learning mechanism: due diligence exposes founders to advanced website technologies, prompting capability building in digital skills. Firms selected for due diligence adopt these technologies, even before raising external capital. The findings highlight VC due diligence as a formative process influencing startups beyond the funded few.