Direct and indirect effects of private- and government-sponsored venture capital
Direct and indirect effects of private- and government-sponsored venture capital
复制标题
私人和政府资助的风险投资的直接和间接影响
DOI：
10.1007/s00181-019-01770-w
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发表时间：
2019
影响因子：
3.2
通讯作者：
Daniel Halvarsson
中科院分区：
文献类型：
--
作者：
Erik Engberg;P. Tingvall;Daniel Halvarsson
本文从私人和政府风险投资的影响入手，考察了不同类型的风险投资对企业销售、就业和投资的影响。我们的结果表明，私人和政府的风险投资都能促进企业的销售，延迟2-3年。结果表明，风险投资对销售的影响主要是通过效率收益，在一定程度上是通过对实物资本投资的投资，而对就业的影响不存在。最后，我们发现有迹象表明，与私人投资者相比，政府风投投资者更倾向于对停滞不前、不成长的公司进行后续投资。
Starting from the discourse on the impact of private and governmental venture capital investments, we examine the effects of different types of venture capital on firms’ sales, employment and investment. Our results show that both private and governmental venture capital investments boost firm sales with a delay of 2–3 years. The results suggest that VC impacts sales primarily through efficiency gains and to some extent, investments in physical capital investments, whereas no employment effects can be traced. Finally, we find indications of governmental VC investors being more prone to make follow-up investments in stagnating, non-growing firms than private investors.