政府支持的风险投资的表现

IF 7.5 1区管理学 Q1 MANAGEMENT

Research Policy Pub Date : 2025-06-05 DOI:10.1016/j.respol.2025.105270

Stefan Köppl , Monika Köppl-Turyna , Dimitris Christopoulos

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引用次数: 0

摘要

在本研究中，我们分析了不同类型的风险投资（私人、公共和间接公共）如何影响投资组合公司的绩效。我们使用了2000年至2018年间欧洲2万笔风险投资交易的数据，这些交易来自不同的机构环境（公共/间接/私人），其中包括近5000名投资者。我们发现，公共风险投资者的表现一直比纯私人投资者差，而间接公共投资（如“容克计划”或invsteu投资）的表现一直更好。我们将这些发现与公共资金进入特定投资者集团联系起来。而间接基金则投资于网络概况相对较好的基金。这意味着，间接公众投资者能够挑选出表现最好的基金，但在此基础上没有增加任何价值。我们使用工具变量规格来确认主要结论。

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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The performance of government-backed venture capital investments

In this research, we analyzed how different types of venture capital investments—private, public, and indirect public—affected the performance of portfolio companies. We used data of >20,000 VC deals in Europe between 2000 and 2018 from different institutional settings (public/indirect/private) that included almost 5000 investors. We found that public VC investors performed consistently worse than purely private ones, while indirect public investments (such as the “Juncker Plan” or InvestEU investments) performed consistently better. We associate these findings with the access of public funds to specific cliques of investors. In contrast, indirect funds invested in funds with comparatively better network profiles. This means that indirect public investors were capable of picking the best-performing funds but did not add any value above this. We confirmed the main conclusions using instrumental variable specifications.

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来源期刊

Research Policy MANAGEMENT-

CiteScore

12.80

自引率

6.90%

发文量

182

期刊介绍： Research Policy (RP) articles explore the interaction between innovation, technology, or research, and economic, social, political, and organizational processes, both empirically and theoretically. All RP papers are expected to provide insights with implications for policy or management. Research Policy (RP) is a multidisciplinary journal focused on analyzing, understanding, and effectively addressing the challenges posed by innovation, technology, R&D, and science. This includes activities related to knowledge creation, diffusion, acquisition, and exploitation in the form of new or improved products, processes, or services, across economic, policy, management, organizational, and environmental dimensions.