Venture Capital and Innovation in Europe
Venture Capital and Innovation in Europe
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DOI：
10.2139/ssrn.1309186
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发表时间：
2008-06
期刊：
影响因子：
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通讯作者：
G. Geronikolaou;G. Papachristou
中科院分区：
文献类型：
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作者：
G. Geronikolaou;G. Papachristou
在本文中，我们寻找证据表明，风险投资活动是需求还是供给刺激。也就是说，我们研究是否创新和创业精神的风险投资（VC）的投资，或者是否创新的创业精神是一个先决条件的VC参与。基于一个欧洲风险投资小组，我们测试了风险投资和创新之间的因果关系（由欧洲专利局的年度专利申请代理）。我们目前的证据表明，因果关系运行从专利风险投资表明，在欧洲，创新似乎创造了一个需求，而不是风险投资的创新供应。从这个意义上说，欧洲的创新想法似乎缺乏的不仅仅是资金。我们解释我们的研究结果的基础上的信息不对称问题和不可逆性考虑的风险投资。
In this paper we search for evidence signifying whether VC activity is demand or supply stimulated. Namely, we examine whether innovation and entrepreneurship are fostered by Venture Capital (VC) investments or whether innovative entrepreneurship is a precondition of a VC involvement. Based on a European panel of VC investments, we test the direction of causality between VC and innovation (proxied by annual patent applications at the European Patents Office). We present evidence indicating that causality runs from patents to VC suggesting that, in Europe, innovation seems to create a demand for VC and not VC a supply of innovation. In this sense, innovative ideas seem to lack more than funds in Europe. We explain our findings on the basis of information asymmetry issues and irreversibility considerations of VC investments.