New technology-based firms in Europe: market penetration, public venture capital, and timing of investment

被引：60

作者：

Grilli, Luca ^{[1
]}

Murtinu, Samuele ^{[1
]}

机构：

[1] Politecn Milan, Dept Management Econ & Ind Engn, I-20133 Milan, Italy

来源：

INDUSTRIAL AND CORPORATE CHANGE | 2015年 / 24卷 / 05期

关键词：

START-UP FIRMS; PRIVATE EQUITY; GROWTH; INNOVATION; PERFORMANCE; CONTRACTS; POLICY; ENTREPRENEURS; PRODUCTIVITY; SYNDICATION;

D O I：

10.1093/icc/dtu025

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：1109 / 1148

页数：40

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