| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14029 |
| 来源ID | Working Paper 14029 |
| Government Sponsored versus Private Venture Capital: Canadian Evidence | |
| James A. Brander; Edward Egan; Thomas F. Hellmann | |
| 发表日期 | 2008-05-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper investigates the relative performance of enterprises backed by government-sponsored venture capitalists and private venture capitalists. While previous studies focus mainly on investor returns, this paper focuses on a broader set of public policy objectives, including value-creation, innovation, and competition. A number of novel data-collection methods, including web-crawlers, are used to assemble a near-comprehensive data set of Canadian venture-capital backed enterprises. The results indicate that enterprises financed by government-sponsored venture capitalists underperform on a variety of criteria, including value-creation, as measured by the likelihood and size of IPOs and M&As, and innovation, as measured by patents. It is important to understand whether such underperformance arises from a selection effect in which private venture capitalists have a higher quality threshold for investment than subsidized venture capitalists, or whether it arises from a treatment effect in which subsidized venture capitalists crowd out private investment and, in addition, provide less effective mentoring and other value-added skills. We find suggestive evidence that crowding out and less effective treatment are problems associated with government-backed venture capital. While the data does not allow for a definitive welfare analysis, the results cast some doubt on the desirability of certain government interventions in the venture capital market. |
| 主题 | Financial Economics ; Financial Institutions ; Public Economics ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w14029 |
| 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/571703 |
| 推荐引用方式 GB/T 7714 | James A. Brander,Edward Egan,Thomas F. Hellmann. Government Sponsored versus Private Venture Capital: Canadian Evidence. 2008. |
| 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 | ||
| w14029.pdf（410KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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