New Technology-Based Firms in Europe: Market Penetration, Public Venture Capital, and Timing of Investment
New Technology-Based Firms in Europe: Market Penetration, Public Venture Capital, and Timing of Investment
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欧洲新技术企业：市场渗透、公共风险投资和投资时机
DOI：
10.2139/ssrn.1892024
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
S. Murtinu
中科院分区：
文献类型：
--
作者：
L. Grilli;S. Murtinu
我们调查的影响，公共（PUVC）和私人（PRVC）风险投资基金的销售增长的6513欧洲新技术为基础的公司（NTBF）在1992年至2009年期间。我们的研究结果表明，PUVC支持的NTBF相对于PRVC支持的NTBF表现不佳，并且不会比非风险资本支持的公司增长更多。当PUVC基金针对年轻的NTBF时，PUVC的影响在统计上仍然不显著（即使它是积极的）。唯一值得注意的例外是，当PUVC基金与PRVC基金共同融资时，对PUVC产生了积极的和统计上显著的影响，而且两者都以年轻公司为目标。
We investigate the effect of public (PUVC) and private (PRVC) venture capital funds on the sales growth of 6513 European New Technology-Based Firms (NTBFs) during the period from 1992 to 2009. Our results show that PUVC-backed NTBFs underperform with respect to PRVC-backed ones and do not grow more than non–venture capital-backed companies. The impact of PUVC is still not statistically significant (even though it is positive) when PUVC funds target young NTBFs. The only notable exception suggesting a positive and statistically significant impact for PUVCs is when PUVC funds cofinance with PRVC funds, and both target young firms.