| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16521 |
| 来源ID | Working Paper 16521 |
| The Effects of Government-Sponsored Venture Capital: International Evidence | |
| James A. Brander; Qianqian Du; Thomas F. Hellmann | |
| 发表日期 | 2010-11-11 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper examines the impact of government-sponsored venture capitalists (GVCs) on the success of enterprises. Using international enterprise-level data, we identify a surprising non-monotonicity in the effect of GVC on the likelihood of exit via initial public offerings (IPOs) or third party acquisitions. Enterprises that receive funding from both private venture capitalists (PVCs) and GVCs outperform benchmark enterprises financed purely by private venture capitalists if only a moderate fraction of funding comes from GVCs. However, enterprises underperform if a large fraction of funding comes from GVCs. Instrumental variable regressions suggest that endogeneity in the form of unobservable selection effects cannot account for these effects of GVC financing. The underperformance result appears to be largely driven by investments made in times when private venture capital is abundant. The outperformance result applies only to venture capital firms that are supported but not owned outright by governments. |
| 主题 | Financial Economics ; Financial Institutions ; Public Economics ; Public Goods ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w16521 |
| 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/574196 |
| 推荐引用方式 GB/T 7714 | James A. Brander,Qianqian Du,Thomas F. Hellmann. The Effects of Government-Sponsored Venture Capital: International Evidence. 2010. |
| 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 | ||
| w16521.pdf（189KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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