In this study, we argue that successful exit outcomes (Trade Sales (TS) or IPO) from VCs' cross-border investments are influenced by time-since-first-funding-received (TSFFR) by the venture. As TSFFR increases, the venture reveals more information about its potential, influencing the value that trade and IPO buyers place on it. This, in turn, influences whether VCs exit via a TS or an IPO. Analyzing 1841 cross-border of UC fund-venture pairs, our findings suggest that TSFFR has an inverted-U-shaped association with the probability of TS. The strength of the US VCs in the cross-border syndicate interacts with this association, reducing the probability of TS exit for lower levels of TSFFR and increasing it for higher levels.

中文翻译：

---

区分成功的风险投资退出策略：风险投资获得首次资金的时间和美国风险投资在跨境财团中的实力的影响


在这项研究中，我们认为风险投资跨境投资的成功退出结果（贸易销售 （TS） 或 IPO）受到风险投资首次收到资金后的时间 （TSFFR） 的影响。随着 TSFFR 的增加，该合资企业揭示了有关其潜力的更多信息，从而影响贸易和 IPO 买家对其的价值。这反过来又会影响 VC 是通过 TS 还是 IPO 退出。分析 1841 个 UC 基金-风险投资对的跨境，我们的研究结果表明 TSFFR 与 TS 的概率呈倒 U 形关联。美国风险投资公司在跨境辛迪加中的实力与这种关联相互作用，降低了较低水平 TSFFR 退出的可能性，而增加了较高水平 TSFFR 退出的可能性。