Government venture capital in central and eastern Europe
Government venture capital in central and eastern Europe
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中欧和东欧政府风险投资
DOI：
10.1080/13691066.2018.1411040
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
J. Karsai
中科院分区：
文献类型：
--
作者：
J. Karsai
摘要中东欧(CEE)的风险投资(VC)部门的特点是公共资源占主导地位。这主要是由于欧洲联盟2007-2013年方案期间引入了一种新型股权计划。本文考察了风险投资行业相对不发达的中东欧欧盟成员国在利用政府股权计划方面的成功程度，这些计划基于公共和私人市场参与者之间的市场合作。它从学术设计理论的角度概述了在中东欧地区推出的风险投资方案。论文的结论是，该地区的政府风险投资计划的特点是时间框架短、行政要求限制了投资者、基金规模较小、无法有效运营以及机构投资者的参与有限。与发达国家相比，机构问题更为突出。商业天使和孵化机构的数量有限，资金不足、前景光明的初创企业数量众多，以及滥用政府关系，这些都意味着，与西欧相比，在中东欧地区使用以混合型基金为主的政府风投项目更具挑战性。然而，由于缺乏私人投资者，中东欧地区不存在公募股权计划的最大风险--对私人投资者的挤出效应。
Abstract The venture capital (VC) sector in central and eastern Europe (CEE) is characterised by the dominance of public resources. This is mainly due to a new type of equity scheme introduced in the European Union’s 2007–2013 programming period. The paper examines how successful the CEE EU member states, with a relatively less developed VC industry, were in using government equity schemes based on market cooperation between public and private market actors. It provides a general overview of the VC programmes launched in the CEE region viewed through the lens of academic design theories. The paper concludes that government VC programmes in the region are characterised by short time frames, administrative requirements which restricted investors, small fund sizes preventing efficient operation and limited participation of institutional investors. Compared to developed countries agency problems were much more pronounced. The limited number of business angels and incubator organisations, the high number of underfinanced promising start-ups and the misuse of government connections meant that the use of predominantly hybrid funds’ forms of government VC programmes were more challenging in the CEE region compared to western Europe. However, the greatest risk of public equity schemes – the crowding out effect on private investors – is absent in the CEE region because of the lack of private investors.