Impacts of Venture Capital on Online P2P Lending Platforms: Empirical Evidence from China

References

• Agrawal, A., and T. Cooper. 2010. Accounting scandals in IPO firms: do underwriters and VCs help? Journal of Economics & Management Strategy 19 (4):1117–81. doi:10.1111/j.1530-9134.2010.00279.x.
   Web of Science ®Google Scholar
• Angrist, J. D., and J. Pischke. 2009. Mostly harmless econometrics: An empiricist’s companion. Princeton: New Jersey: Princeton University Press.
   Google Scholar
• Arcot, S. 2014. Participating convertible preferred stock in venture capital exits. Journal of Business Venturing 29 (1):72–87. doi:10.1016/j.jbusvent.2013.06.001.
   Web of Science ®Google Scholar
• Bacon-Gerasymenko, V., and J. P. Eggers. 2019. The dynamics of advice giving by venture capital firms: Antecedents of managerial cognitive effort. Journal of Management 45 (4):1660–88. doi:10.1177/0149206317721626.
   Web of Science ®Google Scholar
• Bai, C., B. Shi, L. Feng, and J. Sarkis. 2018. Banking credit worthiness: Evaluating the complex relationships. Omega S1734890752. doi:10.1016/j.omega.2018.02.001.
   Web of Science ®Google Scholar
• Barry, C. B., C. J. Muscarella, J. W. Peavy Iii, and M. R. Vetsuypens. 1990. The role of venture capital in the creation of public companies: Evidence from the going-public process. Journal of Financial Economics 27 (2):447–71. doi:10.1016/0304-405X(90)90064-7.
   Web of Science ®Google Scholar
• Baum, J. A. C., and B. S. Silverman. 2004. Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of Business Venturing 19 (3):411–36. doi:10.1016/S0883-9026(03)00038-7.
   Web of Science ®Google Scholar
• Beck, T., R. Levine, and A. Levkov. 2010. Big bad banks? The winners and losers from bank deregulation in the United States. The Journal of Finance 65 (5):1637–67. doi:10.1111/j.1540-6261.2010.01589.x.
   Web of Science ®Google Scholar
• Bernstein, S., X. Giroud, and R. R. Townsend. 2016. The impact of venture capital monitoring. The Journal of Finance 71 (4):1591–622. doi:10.1111/jofi.12370.
   Web of Science ®Google Scholar
• Block, J. H., G. D. Vries, J. H. Schumann, and P. Sandner. 2014. Trademarks and venture capital valuation. Journal of Business Venturing 29 (4):525–42. doi:10.1016/j.jbusvent.2013.07.006.
   Web of Science ®Google Scholar
• Bronzini, R., G. Caramellino, and S. Magri. 2017. Venture capitalists at work: what are the effects on the firms they finance? Social Science Electronic Publishing. doi:10.1093/rfs/hhw023.
   Google Scholar
• Busenitz, L. W., J. O. Fiet, and D. D. Moesel. 2004. Reconsidering the venture capitalists’ “value added” proposition: An interorganizational learning perspective. Journal of Business Venturing 19 (6):787–807. doi:10.1016/j.jbusvent.2003.06.005.
   Web of Science ®Google Scholar
• Chahine, S., I. Filatotchev, and M. Wright. 2007. Venture capitalists, business angels, and performance of entrepreneurial IPOs in the UK and France. Journal of Business Finance & Accounting 34 (3–4):505–528. doi:10.1111/j.1468-5957.2007.02045.x.
   Google Scholar
• Chaplinsky, S., and S. Gupta-Mukherjee. 2016. Investment Risk Allocation and the Venture Capital Exit Market：Evidence from early stage investing. Journal of Banking & Finance 73:38–54. doi:10.2139/ssrn.2024309.
   Web of Science ®Google Scholar
• Chemmanur, T. J., K. Krishnan, and D. K. Nandy. 2011. How does venture capital financing improve efficiency in private firms? A look beneath the surface. Social Science Electronic Publishing 24 (12):4037–90. doi:10.2139/ssrn.1025322.
   Google Scholar
• Chen, C. W. S., M. C. Dong, N. Liu, and S. Sriboonchitta. 2019. Inferences of default risk and borrower characteristics on P2P lending. The North American Journal of Economics and Finance 50 (101013):1–14. doi:10.1016/j.najef.2019.101013.
   Google Scholar
• Colombo, M. G., and S. Murtinu. 2017. Venture capital investments in Europe and portfolio firms’ economic performance: Independent versus corporate investors. Journal of Economics & Management Strategy 26 (1):35–66. doi:10.1111/jems.12170.
   Web of Science ®Google Scholar
• Cumming, D., and S. A. B. Johan. 2008. Preplanned exit strategies in venture capital. European Economic Review 52 (7):1209–41. doi:10.1016/j.euroecorev.2008.01.001.
   Web of Science ®Google Scholar
• Dahiya, S., and K. Ray. 2012. Staged investments in entrepreneurial financing. Journal of Corporate Finance (18):1193–216. doi:10.2139/ssrn.1940694.
   Google Scholar
• Dai, N. 2011. Monitoring via staging: Evidence from private investments in public equity. Journal of Banking & Finance 35 (12):3417–31. doi:10.1016/j.jbankfin.2011.05.022.
   Web of Science ®Google Scholar
• Dorfleitner, G., C. Priberny, S. Schuster, J. Stoiber, M. Weber, I. De Castro, and J. Kammler. 2016. Description-text related soft information in peer-to-peer lending – Evidence from two leading European platforms. Journal of Banking & Finance 64:169–87. doi:10.1016/j.jbankfin.2015.11.009.
   Google Scholar
• Duarte, J., S. Siegel, and L. Young. 2012. Trust and credit: The role of appearance in peer-to-peer lending. Review of Financial Studies 25 (8):2455–83. doi:10.2307/23263634.
   Web of Science ®Google Scholar
• Freedman, S., and G. Z. Jin. 2011. Learning by doing with asymmetric information: Evidence from Prosper.Com. Nber Working Papers: 203–212. doi:10.3386/w16855.
   Google Scholar
• Freedman, S., and G. Z. Jin. 2017. The information value of online social networks: Lessons from peer-to-peer lending. International Journal of Industrial Organization 51:185–222. doi:10.1016/j.ijindorg.2016.09.002.
   Web of Science ®Google Scholar
• Gompers, P. A. 1995. Optimal investment, monitoring, and the staging of venture capital. The Journal of Finance 50 (5):1461–89. doi:10.1111/j.1540-6261.1995.tb05185.x.
   Web of Science ®Google Scholar
• Gompers, P. A., W. Gornall, S. N. Kaplan, and I. A. Strebulaev. 2019. How do venture capitalists make decisions? Journal of Financial Economics. doi:10.1016/j.jfineco.2019.06.011.
   Web of Science ®Google Scholar
• Gonzalez, L., and Y. K. Loureiro. 2014. When can a photo increase credit? The impact of lender and borrower profiles on online peer-to-peer loans. Journal of Behavioral & Experimental Finance 2:44–58. doi:10.1016/j.jbef.2014.04.002.
   Google Scholar
• González-Uribe, J. 2019. Exchanges of innovation resources inside venture capital portfolios. Journal of Financial Economics. doi:10.1016/j.jfineco.2019.05.017.
   Web of Science ®Google Scholar
• Greiner, M., and H. Wang. 2010. Building consumer-to-consumer trust in E-finance marketplaces: An empirical analysis. International Journal of Electronic Commerce 15 (2):105–36. doi:10.2753/JEC1086-4415150204.
   Web of Science ®Google Scholar
• Gu, W., X. Qian, and J. Lu. 2018. Venture capital and entrepreneurship: a conceptual model and research suggestions. International Entrepreneurship & Management Journal 14 (3):1–16. doi:10.1007/s11365-017-0463-6.
   Google Scholar
• Guerini, M., and A. Quas. 2016. Governmental venture capital in Europe: Screening and certification. Journal of Business Venturing 31 (2):175–95. doi:10.1016/j.jbusvent.2015.10.001.
   Web of Science ®Google Scholar
• Guo, D., and K. Jiang. 2013. Venture capital investment and the performance of entrepreneurial firms: Evidence from China. Journal of Corporate Finance 22 (3):375–95. doi:10.1016/j.jcorpfin.2013.07.001.
   Google Scholar
• Herzenstein, M., U. M. Dholakia, and R. L. Andrews. 2011. Strategic herding behavior in peer-to-peer loan auctions. Journal of Interactive Marketing 25 (1):27–36. doi:10.1016/j.intmar.2010.07.001.
   Web of Science ®Google Scholar
• Hoehn-Weiss, M. N., and S. Karim. 2014. Unpacking functional alliance portfolios: How signals of viability affect young firms’ outcomes. Strategic Management Journal 35 (9):1364–85. doi:10.2139/ssrn.2008234.
   Web of Science ®Google Scholar
• Hu, R., M. Liu, P. He, and Y. Ma. 2019. Can investors on P2P lending platforms identify default risk? International Journal of Electronic Commerce 23 (1):63–84. doi:10.1080/10864415.2018.1512279.
   Web of Science ®Google Scholar
• Iyer, R., A. I. Khwaja, E. F. P. Luttmer, and K. Shuk. 2009. Screening in new credit markets: Can individual lenders infer borrower creditworthiness in peer-to-peer lending?. Social Science Electronic Publishing 15242 (rwp09-031). doi:10.2139/ssrn.1570115.
   Google Scholar
• Jain, B. A., and O. Kini. 1995. Venture capitalist participation and the post-issue operating performance of IPO firms. Managerial & Decision Economics 16 (6):593–606. doi:10.1002/mde.4090160603.
   Google Scholar
• Kaplan, S. N., and P. Strömberg. 2004. Characteristics, contracts, and actions: Evidence from venture capitalist analyses. The Journal of Finance 5 (59):2177–210. doi:10.1111/j.1540-6261.2004.00696.x.
   Google Scholar
• Kim, J. H., and L. Wagman. 2016. Early-stage entrepreneurial financing: A signaling perspective. Journal of Banking & Finance 67:12–22. doi:10.1016/j.jbankfin.2016.03.004.
   Web of Science ®Google Scholar
• Kortum, S., and J. Lerner. 2000. Assessing the contribution of venture capital to innovation. The Rand Journal of Economics 31 (4):674–92.
   Web of Science ®Google Scholar
• Lee, E., and B. Lee. 2012. Herding behavior in online P2P lending: An empirical investigation. Electronic Commerce Research & Applications 11 (5):495–503. doi:10.1016/j.elerap.2012.02.001.
   Web of Science ®Google Scholar
• Lerner, J. 1995. Venture capitalists and the oversight of private firms. The Journal of Finance 50 (1):301–18.
   Web of Science ®Google Scholar
• Lin, T. H. 1996. The certification role of large block shareholders in initial public offerings: The case of venture capitalists. Quarterly Journal of Business & Economics 35 (2):55–65.
   Google Scholar
• Lin, T. H., and R. L. Smith. 1998. Insider reputation and selling decisions: The unwinding of venture capital investments during equity IPOs. Journal of Corporate Finance 4 (3):241–63. doi:10.1016/S0929-1199(98)00005-4.
   Google Scholar
• Liu, H., H. Qiao, S. Wang, and Y. Li. 2019. Platform competition in peer-to-peer lending considering risk control ability. European Journal of Operational Research 274:280–90. doi:10.1016/j.ejor.2018.09.024.
   Web of Science ®Google Scholar
• Liu, Y., Q. Zhou, X. Zhao, and Y. Wang. 2018. Can listing information indicate borrower credit risk in online peer-to-peer lending? Emerging Markets Finance and Trade 54:2982–94. doi:10.1080/1540496X.2018.1427061.
   Web of Science ®Google Scholar
• Luo, B., and Z. Lin. 2013. A decision tree model for herd behavior and empirical evidence from the online P2P lending market. Information Systems and e-Business Management 11 (1):141–60. doi:10.1007/s10257-011-0182-4.
   Web of Science ®Google Scholar
• Megginson, W. L., and K. A. Weiss. 1991. Venture capitalist certification in initial public offerings. The Journal of Finance 46 (3):879–903.
   Web of Science ®Google Scholar
• Moser, P., and A. Voena. 2012. Compulsory licensing: Evidence from the trading with the enemy act. American Economic Review 102 (1):396–427. doi:10.2139/ssrn.1313867.
   Web of Science ®Google Scholar
• Pope, D. G., and J. R. Sydnor. 2011. What’s in a picture?: Evidence of Discrimination from Prosper.com. Journal of Human Resources 46 (1):53–92. doi:10.1353/jhr.2011.0025.
   Web of Science ®Google Scholar
• Prystav, F. 2016. Personal information in peer-to-peer loan applications: Is less more? Journal of Behavioral & Experimental Finance 9:6–19. doi:10.1016/j.jbef.2015.11.005.
   Web of Science ®Google Scholar
• Rosenbaum, P. R., and D. B. Rubin. 1985. Constructing a control group using multivariate matched sampling methods that incorporate the propensity score. American Statistician 39 (1):33–38. doi:10.1080/00031305.1985.10479383.
   Web of Science ®Google Scholar
• Rosenstein, J., A. V. Bruno, W. D. Bygrave, and N. T. Taylor. 1993. The CEO, venture capitalists, and the board. Journal of Business Venturing 8 (2):99–113. doi:10.1016/0883-9026(93)90014-V.
   Web of Science ®Google Scholar
• Sahlman, W. A. 1990. The structure and governance of venture-capital organizations. Journal of Financial Economics 27 (2):473–521. doi:10.1016/0304-405X(90)90065-8.
   Web of Science ®Google Scholar
• Shi, B., B. Meng, H. Yang, J. Wang, and W. Shi. 2018. A novel approach for reducing attributes and its application to small enterprise financing ability evaluation. Complexity 1–17. doi:10.1155/2018/1032643.
   Web of Science ®Google Scholar
• Tian, X. 2011. The causes and consequences of venture capital stage financing. Journal of Financial Economics 101 (1):132–59. doi:10.1016/j.jfineco.2011.02.011.
   Web of Science ®Google Scholar
• Wang, L., and S. Wang. 2017. Buybacks as an efficient strategy for venture capital in emerging markets. Pacific-Basin Finance Journal 43:107–23. doi:10.1016/j.pacfin.2017.03.002.
   Web of Science ®Google Scholar
• Weiss, G. N. F., K. Pelger, and A. Horsch. 2010. Mitigating adverse selection in P2P lending – empirical evidence from Prosper.com. Social Science Electronic Publishing. doi:10.2139/ssrn.1650774.
   Google Scholar
• Zhang, J., and P. Liu. 2012. Rational herding in microloan markets. Management Science 58 (5):892–912. doi:10.2307/41499528.
   Web of Science ®Google Scholar
• Zhang, J., Y. Liu, Y. Zhao, and T. Deng. 2018. Emergency evacuation problem for a multi-source and multi-destination transportation network: mathematical model and case study. Annals of Operations Research (1):1–29. doi:10.1007/s10479-018-3102-x.
   Web of Science ®Google Scholar