| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9645 |
| 来源ID | Working Paper 9645 |
| Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK | |
| Colin Mayer; Koen Schoors; Yishay Yafeh | |
| 发表日期 | 2003-04-28 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the UK using a newly constructed data set. The data provide a rare opportunity to evaluate relations between funds' sources of finance and activities. We find that sources of VC funds differ significantly across countries, e.g. banks are particularly important in Germany, corporations in Israel, insurance companies in Japan, and pension funds in the UK. VC investment patterns also differ across countries in terms of the stage, sector of financed companies and geographical focus of investments. These differences in investment patterns are related to the variations in funding sources - for example, bank and pension fund backed VC's invest in later stage activities than individual and corporate backed funds. The relations differ across countries; for example, bank backed VC funds in Germany and Japan are as involved in early stage finance as other funds in these countries, whereas they tend to invest in relatively late stage finance in Israel and the UK. We consider the implication of this for the influence of financial systems on relations between finance and activities. |
| 主题 | Financial Economics ; Financial Institutions ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w9645 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567269 |
| 推荐引用方式 GB/T 7714 | Colin Mayer,Koen Schoors,Yishay Yafeh. Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9645.pdf（279KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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