Driving Forces of Venture Capital Investments in Europe: A Dynamic Panel Data Analysis
Driving Forces of Venture Capital Investments in Europe: A Dynamic Panel Data Analysis
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欧洲风险投资的驱动力：动态面板数据分析
DOI：
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发表时间：
2003
期刊：
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通讯作者：
A. Schertler
中科院分区：
文献类型：
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作者：
A. Schertler
本文采用动态面板估计方法，确定了西欧国家风险投资活动的驱动力。驱动因素可能是股票市场的流动性、人力资本禀赋和劳动力市场的刚性。本文表明，这些因素不影响扩张阶段的投资，作为风险投资的一个更广泛的定义，而他们积极影响早期阶段的投资，作为一个狭窄的定义。因此，研究结果表明，流动性股票市场不仅对风险资本市场的发展起着重要作用，而且它们也不是驱动风险资本活动的唯一因素。
Using dynamic panel estimations, this paper identifies driving forces of venture capital activity for Western European countries. Driving forces might be the liquidity of stock markets, human capital endowment, and labour market rigidities. The paper shows that these factors do not affect expansion stage investments used as a broader definition of venture capital, while they positively affect early stage investments used as a narrow definition. Thus, the results suggest not only that liquid stock markets play an important role for the development of venture capital markets but also that they are not the only factor that drives venture capital activity.