Cross-Border Venture Capital Investments: What is the Role of Public Policy?
Cross-Border Venture Capital Investments: What is the Role of Public Policy?
复制标题
跨境风险投资：公共政策的作用是什么？
DOI：
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发表时间：
2019
影响因子：
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通讯作者：
Karen E. Wilson
中科院分区：
文献类型：
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作者：
Wendy A. Bradley;G. Duruflé;Thomas Hellmann;Karen E. Wilson
(1)背景：跨境风险资本投资在高增长公司的规模扩大方面发挥着重要作用。然而，政策制定者担心外国风险投资将大部分经济活动转移到投资国。一方面，初创企业欢迎伴随跨境投资而来的外国资本、专业知识和网络。另一方面，政策制定者担心，跨境投资主要有利于外国经济，而无法发展当地的创业生态系统。本文描述了政策制定者如何制定一套跨境风险投资政策的框架。(2)方法：本文研究了有关跨境投资作用的现有数据和趋势，重点是欧洲，以色列和加拿大。然后，本文解释了潜在的经济挑战，并制定了政策框架。(3)结果如下：分析表明，除了旨在吸引外国投资者的政策外，还有发展国内风险投资市场的重要政策。该分析包括财务和非财务性质的政策。(4)结论：政策制定者的一个核心观点是保持各种举措的平衡，吸引外国投资者，同时确保加强该国国内风险投资行业和创新生态系统。政策组合将随着国内生态系统的成熟而调整。
(1) Background: Cross-border venture capital (VC) investments play an important role in the scaling up of high-growth companies. However, policymakers worry that foreign VC investments transfer the majority of economic activity to the investor country. On the one hand, start-ups welcome the foreign capital, expertise, and networks that accompany cross-border investments. On the other hand, policymakers are concerned that cross-border investments predominantly benefit foreign economies and fail to develop the local entrepreneurial ecosystem. This paper describes a framework for how policymakers can develop a set of policies toward cross-border VC investments. (2) Methods: The paper examines available data and trends about the role of cross-border investing, focusing on Europe, Israel, and Canada. Then, the paper explains the underlying economic challenges and develops a policy framework. (3) Results: The analysis shows that in addition to policies that aim to attract foreign investors, there are also important policies for the development of the domestic VC market. The analysis encompasses policies that are both financial and non-financial in nature. (4) Conclusions: A core insight for policymakers is to retain a balance of initiatives, attracting foreign investors while simultaneously making sure to strengthen the country’s domestic VC industry and innovation ecosystem. The mix of policies will adjust as the domestic ecosystem matures.