政府干预风险投资的有效性:经验证据及启示
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财经研究 2011 年 第 37 卷第 05 期, 页码：124 - 134
摘要
参考文献
摘要
政府干预风险投资市场是国际上的一种普遍做法,然而就干预的有效性而言目前仍缺乏理论和实证上的明确回答。文章是对该问题的整体性实证研究,即考虑了常见的干预方式并以市场整体有效性为检验标准。基于经合组织国家数据的实证检验表明资金供给型政策没有显著效果,收益改善型政策有显著积极效果,这对调整我国倚重资金供给的政策格局有重要启示。
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[2]苏启林.政府介入创业投资模式的国际比较与经验借鉴[J].外国经济与管理,2002,(11):43-48.
[3]王元,张晓原,梁桂,等.中国创业风险投资发展报告2009[M].北京:经济管理出版社,2009.
[4]Brander J,Du Q,Hell mann T.The effects of government-sponsored venture capital:International evidence[R].NBER Working Paper,No 16521,2010.
[5]Hol mstorm B,Tirole J.Financial intermediation,loanable funds,and the real sector[J].Quarterly Journal of Economics,1997,112(3):663-691.
[6]Cumming D J,MacIntosh J G.Crowding out private equity:Canadian evidence[J].Journal of Business Venturing,2006,21:569-609.
[7]Dahlstrom T R.The rise and fall of the participating securities SBIC program:Lessons inpublic venture capital management[J].Perspectives in Public Affairs,2009,6:51-68.
[8]Florida R,Smith D F.Keepthe government out of venture capital[J].Issues in Scienceand Technology,1993,9(4):61-68.
[9]Lerner J.The future of public efforts to boost entrepreneurship and venture capital[J].Small Business Economics,2010,35(3):255-264.
引用本文
左志刚. 政府干预风险投资的有效性:经验证据及启示[J]. 财经研究, 2011, 37(5): 124–134.
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