Beyond market failure: rationales for regional governmental venture capital

IF 2.8 4区管理学 Q2 BUSINESS, FINANCE

Venture Capital Pub Date : 2021-07-03 DOI:10.1080/13691066.2021.1927341

J. Vogelaar, E. Stam

引用次数: 4

Abstract

ABSTRACT Why do regional governments establish venture capital funds? Government intervention in venture capital markets is traditionally legitimised by market failure rationales. In this paper, we analyse the supply of public and private venture capital in Dutch regions, which reveals a multiplicity of rationales for government intervention in the regional economy. We ground this in the policy diffusion literature and distinguish four rationales for government intervention: economic competition, coercion, imitation and learning. The findings enrich the analysis of regional government interventions and challenge the rhetoric that regional policies seeking to foster venture capital markets are solely implemented to address market failures.

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超越市场失灵:区域政府风险投资的理由

地方政府为什么要设立风险投资基金?传统上，政府对风险资本市场的干预是以市场失灵为理由的。在本文中，我们分析了荷兰地区的公共和私人风险资本的供应，这揭示了政府干预区域经济的多重理由。我们将这一观点根植于政策扩散文献，并区分了政府干预的四种基本原理:经济竞争、强制、模仿和学习。这些发现丰富了对区域政府干预的分析，并挑战了寻求促进风险资本市场的区域政策仅仅是为了解决市场失灵的说法。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Venture Capital BUSINESS, FINANCE-

CiteScore

4.10

自引率

16.70%

发文量

期刊介绍： Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy