Assessing the Impact of Public Venture Capital Programs in the United Kingdom: Do Regional Characteristics Matter?
Assessing the Impact of Public Venture Capital Programs in the United Kingdom: Do Regional Characteristics Matter?
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评估英国公共风险投资项目的影响：区域特征重要吗？
DOI：
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
L. Toschi
中科院分区：
文献类型：
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作者：
F. Munari;L. Toschi
在过去的二十年里，世界各地的许多政府都实施了动员风险资本（VC）的计划，以支持新的和创新的公司。在本文中，我们分析是否以及如何影响公共支持的风险投资基金之间的高科技和低科技地区，相比私人风险投资基金。我们对1998-2007年期间英国898家风险投资支持公司的样本进行了分析，结果表明，公共风险投资基金：（a）更倾向于投资于早期阶段和基于技术的行业，这在低科技地区尤为明显;（B）更倾向于分期投资，更有能力吸引联合投资的合作伙伴，特别是在高科技地区;（c）就首次公开招股/收购而言，获投资公司的退出率较私人创业投资基金为低。总的来说，我们的研究结果证实，如果我们想更严格地评估公共风险投资计划的有效性，区域特征确实很重要。
Over the last two decades, many governments around the world have implemented programs to mobilize venture capital (VC) in support of new and innovative firms. In this paper, we analyze whether and how the impact of publicly-supported VC funds varies between high-tech and low-tech regions, when compared to private VC funds. Our analyses on a sample of 898 VC-backed companies in the United Kingdom in the period 1998-2007 show for public VC funds: (a) a greater propensity to invest in early-stage and technology-based sectors, which is especially pronounced in low-tech regions; (b) a greater propensity toward staging and a greater ability to attract partners in syndication, especially in high-tech regions; (c) lower exit rates of investee companies, in terms of IPO/acquisition, as compared to private VC funds. Overall, our findings confirm that regional characteristics do matter if we want to more rigorously assess the effectiveness of public VC programs.
从资金缺口到市场清淡：英国政府对早期风险投资的支持
DOI：
10.2139/ssrn.1478902
发表时间：
2009
期刊：
SSRN Electronic Journal
影响因子：
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作者：
Cowling M
通讯作者：
Cowling M