دانلود مقاله خرید پلتفرم فناوری بزرگ استارت آپ ها و تامین مالی سرمایه گذاری خطرپذیر
چکیده
مقدمه
سرمایه گذاری مخاطره آمیز و تامین مالی نوآوری های نوپا
داده ها
استراتژی تجربی
پاسخ فعالیت VC به اکتسابات راه اندازی Big Tech
میانگین تأثیرات اکتسابات راه اندازی فناوری بزرگ بر فعالیت VC
پیامدهای سیاست رقابتی و مقرراتی
نتیجه گیری
منابع
Abstract
Introduction
Venture capital and the funding of start-up innovation
Data
Empirical strategy
Response of VC activity to Big Tech start-up acquisitions
Average effects of Big Tech start-up acquisitions on VC activity
Implications for competition policy and regulation
Conclusion
References
چکیده
این مقاله تأثیرات خرید پلتفرم «فناوری بزرگ» را بر تأمین مالی سرمایه‌گذاری خطرپذیر (VC) برای استارت‌آپ‌ها بررسی می‌کند. ما 32,367 قرارداد سرمایه گذاری خطرپذیر بین سال های 2010 و 2020 و 392 خرید راه اندازی فناوری توسط گوگل، فیس بوک، آمازون، اپل و مایکروسافت را تجزیه و تحلیل می کنیم. نتایج به‌دست‌آمده با پانل اثرات ثابت و برآوردگرهای تفاوت‌ها نشان می‌دهد که تأثیر مثبت، آماری معنی‌دار و میانگین کسب‌های راه‌اندازی فناوری بزرگ بر فعالیت سرمایه‌گذاری خطرپذیر در سراسر جهان دارد. اثرات مثبتی نیز برای ایالات متحده و اروپا یافت شد. با این حال، یافته‌ها نشان می‌دهند که اثرات گذرا هستند و پس از چند ربع محو می‌شوند. از آنجایی که سرمایه‌گذاران خطرپذیر، استارت‌آپ‌ها را برای فعال کردن نوآوری کارآفرینانه تأمین مالی می‌کنند، این رویکرد همچنین به درک ما از پیامدهای این خریدها بر اکوسیستم نوآوری نوآوری کمک می‌کند. تعداد زیاد مشاهدات در یک دوره طولانی بینش‌هایی را در مورد الگوهای تاریخی که برای طراحی خط‌مشی‌های پلتفرم دیجیتال مرتبط هستند، باز می‌کند.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
This paper investigates the effects of “Big Tech” platform acquisitions on venture capital (VC) funding for start-ups. We analyze 32,367 venture capital deals between 2010 and 2020, and 392 tech start-up acquisitions by Google, Facebook, Amazon, Apple, and Microsoft. Results obtained with fixed effects panel and differences-in-differences estimators reveal a positive, statistically significant, average effect of Big Tech start-up acquisitions on worldwide, venture capital activity. Positive effects were also found for the United States and Europe. However, the findings suggest that the effects are transient and fade away after several quarters. Because venture capitalists fund start-ups to enable entrepreneurial innovation, this approach also informs our understanding of the repercussions of these acquisitions on the start-up innovation ecosystem. The large number of observations over an extended period unlocks insights into historical patterns that are relevant for the design of digital platform policies.
Introduction
This article examines the effects of acquisitions by “Big Tech” platforms, such as Google, Amazon, Apple, Facebook, and Microsoft, on venture capital funding to emerging companies. Big Techs regularly acquire promising start-up companies (“start-ups”) in their early stages of development. The five U.S. Big Techs have collectively acquired more than 800 start-ups during the past decades (CB Insights, 2021). Recent investigations by antitrust authorities in the United States and Europe of past, Big Tech, start-up acquisitions have focused attention among scholars and practitioners on the effects of these transactions on competition and innovation (U.S. Federal Trade Commission, 2020; Motta and Peitz, 2021; Varian, 2021; Katz, 2021).
The policy debate is divided by contradictory assertions. One position emphasizes that Big Tech acquisitions of start-up companies directly and indirectly suppress entrepreneurship and stifle innovation. It is argued that such acquisitions contribute to the creation of “kill zones” by discouraging additional investment by venture capitalists (VCs) in lines of business with a strong presence of Big Tech firms (e.g., Schechter 2018; Smith 2018; McLeod 2020; Waters 2020). A contrasting position holds that Big Tech acquisitions serve a useful purpose, that many of them fail, and that they have contributed to growing venture investment overall (Byrne, 2018; Kennedy, 2020).
Conclusion
In this paper, we analyzed the effects of start-up acquisitions made by the Big Techs in the past decade on innovation incentives in different segments of the tech industry. Our results provide robust grounds for challenging claims about the existence of measurable, short-term, negative effects of Big Tech acquisitions on venture capital funding for innovation by start-up firms. After controlling for other factors that may affect VC activity, such as IPOs and other M&As, we found a statistically significant increase in the VC activity in response to Big Tech start-up acquisitions in different geographical breakdowns.
Our findings show, however, that such positive effects of Big Tech start-up acquisitions on VC activity persist for a few months only. Thus, they may not have long-term impacts on the innovation incentives in the start-up ecosystem. Aspects that deserve further investigation are potential spillover effects of Big Tech start-up acquisitions on industry segments adjacent to those selected by the Big Techs for the acquisitions. In fact, the observed increase in VC funding in industry segments that received such acquisitions may be a consequence of reallocation of funding from other similar industry segments. Important areas for future research include analyzing start-up creations and their death rates to investigate whether Big Tech acquisitions affect entrepreneurship and founders’ willingness to start firms in the same industry segment, as well as their chances for success after a Big Tech acquisition in their industry segment.