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Unicorn Startups' Investment Duration, Government Policy, Foreign Investors, and Exit Valuation

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한국벤처창업학회 (The Korean Society of Business Venturing)|2020.10|벤처창업연구 (Asia-Pacific Journal of Business Venturing and Entrepreneurship)|제15권 제5호|pp. 1-11|DOI 10.16972/apjbve.15.5.202010.1

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참고문헌

키워드

Foreign investorsGovernment policyUnicorn startupsInvestment duration유니콘 스타트업투자 기간엑시트 밸류에이션정부정책지원해외투자자 효과

초록

Increasing the number of unicorn startups has recently received much attention. In this study, we attempt to investigate that startups achieving an extremely high valuation could postpone their exit to raise more investment and receive more benefits. This study tested the hypotheses using data from Crunchbase, World Bank, Global Competitiveness Report, and Global Entrepreneurship Monitor. Using 140 unicorn startups that have already exited through an initial public offering (IPO) or mergers and acquisitions (M&A), we find out that unicorn startups tend to acquire higher valuation as their investment duration increases. Furthermore, we also examined the moderating effects of governmental policy and institutional distance from foreign investors in order to consider the institutional aspects of startups. The results of the moderating variables show significant supports. We expect to provide a better understanding with respect to making an exit decision of unicorn startups. Furthermore, managers and investors need to acknowledge the institutional factors of startups when they decide to fund.

Abstract

Increasing the number of unicorn startups has recently received much attention. In this study, we attempt to investigate that startups achieving an extremely high valuation could postpone their exit to raise more investment and receive more benefits. This study tested the hypotheses using data from Crunchbase, World Bank, Global Competitiveness Report, and Global Entrepreneurship Monitor. Using 140 unicorn startups that have already exited through an initial public offering (IPO) or mergers and acquisitions (M&A), we find out that unicorn startups tend to acquire higher valuation as their investment duration increases. Furthermore, we also examined the moderating effects of governmental policy and institutional distance from foreign investors in order to consider the institutional aspects of startups. The results of the moderating variables show significant supports. We expect to provide a better understanding with respect to making an exit decision of unicorn startups. Furthermore, managers and investors need to acknowledge the institutional factors of startups when they decide to fund.

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