The Financing and Governance of New Technologies
The Financing and Governance of New Technologies
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新技术的融资和治理
DOI：
10.4337/9781845420642.00007
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发表时间：
2004
影响因子：
1.3
通讯作者：
C. Mayer
中科院分区：
文献类型：
--
作者：
C. Mayer
本文探讨了金融部门的先决条件，为高科技部门的成功发展。报告认为，不同国家开展的活动类型与其体制结构之间存在着密切关系。新技术公司融资的一个显著特点是，不同投资者集团对这些公司的控制模式不断演变。虽然股票市场是最成功的公司发展的重要组成部分，但它们并不是最常见的。监管对制度结构具有重要影响。在大多数情况下，欧洲选择了高水平的投资者保护和低水平的多样性，而美国则更加重视金融业的进入和竞争。虽然迄今为止大多数注意力都集中在日本和远东银行体系的监管和脆弱性上，但也需要认真考虑监管金融体系其他部分的替代形式。
This paper examines the financial sector preconditions for the successful development of high technology sectors. It argues that there is a close relation between types of activities undertaken in different countries and their institutional structures. A distinguishing characteristic of the financing of new technology firms is their evolving pattern of control by different investor groups. While stock markets are an important component of the development of the most successful firms, they are not the most common. Regulation is a significant influence on institutional structure. For the most part, Europe has opted for high levels of investor protection and low levels of diversity, while the U.S. has placed more emphasis on entry and competition in the financial sector. While most attention to date has focused on the regulation and fragility of banking systems in Japan and the Far East, careful consideration needs to be given to alternative forms of regulating other parts of the financial system as well.