用公共风险投资促进发展中行业的创业——来自匈牙利的证据

Patrícia Becsky-Nagy, Balázs Fazekas
{"title":"用公共风险投资促进发展中行业的创业——来自匈牙利的证据","authors":"Patrícia Becsky-Nagy, Balázs Fazekas","doi":"10.1108/jeee-06-2022-0167","DOIUrl":null,"url":null,"abstract":"\nPurpose\nVenture capital (VC) is an essential element in healthy entrepreneurial environments; therefore, many countries in developing entrepreneurial economies support the industry via direct or indirect government interventions. The purpose of this study is to examine through the example of the Hungarian market, whether direct or hybrid state involvement has contributed more to the growth of the invested enterprises. The findings are relevant in the design of government VC schemes and in the contracts mitigating the moral hazards inherent in government funding.\n\n\nDesign/methodology/approach\nThe basis of empirical research is a unique hand-collected database covering Hungarian government-backed VC (GVC) investments. Based on the financial data of investee firms, the authors investigate whether firms financed by hybrid VC involving market participants are able to outperform firms that receive pure public financing using panel regression.\n\n\nFindings\nBased on Hungarian evidence, hybrid VC-backed firms generated lower growth and employment than their purely government-backed peers. Both schemes showed meagre innovation activity. The conclusion is that because of the conflict of private and economic policy objectives in hybrid financing, the exposure of hybrid risk capital to moral hazard is higher than that of pure public financing. Private interests in hybrid funds can only improve investment efficiency if they are structured along the lines of market-based independent financial intermediation and the contracts imitate the ones existing amongst limited and general partners in private schemes.\n\n\nResearch limitations/implications\nThe research covers the data of Hungarian government-backed firms by tracking the full range of 86 investments made in the purely government scheme and 340 firms that received funding in the hybrid scheme. The research focuses on two government initiatives, and the results are influenced by the specific regulation of the programs; therefore, the results cannot be generalized for all government agendas; they are indicative in the designs of the agendas.\n\n\nOriginality/value\nThere is a limited number of empirical studies investigating the impact of VC in developing markets, especially in the Central and Eastern Europe region. This firm-level research on the impact of public VC can help improve the effectiveness of development policies. By analysing the entirety of investments of a VC program that is near to its completion, the authors provide new insight into the efficiency and prospects of GVC schemes in the region.\n","PeriodicalId":45682,"journal":{"name":"Journal of Entrepreneurship in Emerging Economies","volume":" ","pages":""},"PeriodicalIF":2.9000,"publicationDate":"2023-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Spurring entrepreneurship with public venture capital in developing industries – evidence from Hungary\",\"authors\":\"Patrícia Becsky-Nagy, Balázs Fazekas\",\"doi\":\"10.1108/jeee-06-2022-0167\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\nPurpose\\nVenture capital (VC) is an essential element in healthy entrepreneurial environments; therefore, many countries in developing entrepreneurial economies support the industry via direct or indirect government interventions. The purpose of this study is to examine through the example of the Hungarian market, whether direct or hybrid state involvement has contributed more to the growth of the invested enterprises. The findings are relevant in the design of government VC schemes and in the contracts mitigating the moral hazards inherent in government funding.\\n\\n\\nDesign/methodology/approach\\nThe basis of empirical research is a unique hand-collected database covering Hungarian government-backed VC (GVC) investments. Based on the financial data of investee firms, the authors investigate whether firms financed by hybrid VC involving market participants are able to outperform firms that receive pure public financing using panel regression.\\n\\n\\nFindings\\nBased on Hungarian evidence, hybrid VC-backed firms generated lower growth and employment than their purely government-backed peers. Both schemes showed meagre innovation activity. The conclusion is that because of the conflict of private and economic policy objectives in hybrid financing, the exposure of hybrid risk capital to moral hazard is higher than that of pure public financing. Private interests in hybrid funds can only improve investment efficiency if they are structured along the lines of market-based independent financial intermediation and the contracts imitate the ones existing amongst limited and general partners in private schemes.\\n\\n\\nResearch limitations/implications\\nThe research covers the data of Hungarian government-backed firms by tracking the full range of 86 investments made in the purely government scheme and 340 firms that received funding in the hybrid scheme. The research focuses on two government initiatives, and the results are influenced by the specific regulation of the programs; therefore, the results cannot be generalized for all government agendas; they are indicative in the designs of the agendas.\\n\\n\\nOriginality/value\\nThere is a limited number of empirical studies investigating the impact of VC in developing markets, especially in the Central and Eastern Europe region. This firm-level research on the impact of public VC can help improve the effectiveness of development policies. By analysing the entirety of investments of a VC program that is near to its completion, the authors provide new insight into the efficiency and prospects of GVC schemes in the region.\\n\",\"PeriodicalId\":45682,\"journal\":{\"name\":\"Journal of Entrepreneurship in Emerging Economies\",\"volume\":\" \",\"pages\":\"\"},\"PeriodicalIF\":2.9000,\"publicationDate\":\"2023-02-16\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Entrepreneurship in Emerging Economies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/jeee-06-2022-0167\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Entrepreneurship in Emerging Economies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/jeee-06-2022-0167","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0

摘要

目的风险投资(VC)是健康创业环境的重要组成部分;因此,许多发展中创业经济体的国家通过直接或间接的政府干预来支持该行业。本研究的目的是通过匈牙利市场的例子来检验国家的直接或混合参与是否对被投资企业的增长贡献更大。这些发现与政府风险投资计划的设计和减轻政府资金固有道德风险的合同有关。设计/方法论/方法实证研究的基础是一个独特的手工收集的数据库,涵盖匈牙利政府支持的VC(GVC)投资。基于被投资公司的财务数据,作者使用面板回归研究了由市场参与者参与的混合风险投资资助的公司是否能够跑赢接受纯公共融资的公司。调查结果基于匈牙利的证据,风险投资支持的混合型公司比纯政府支持的同行产生的增长和就业率更低。这两个方案都显示出创新活动很少。结论是,由于混合融资中私人和经济政策目标的冲突,混合风险资本对道德风险的暴露高于纯公共融资。混合基金中的私人利益只有按照基于市场的独立金融中介结构构建,并且合同模仿私人计划中有限合伙人和普通合伙人之间存在的合同,才能提高投资效率。研究局限性/含义该研究涵盖了匈牙利政府支持的公司的数据,跟踪了在纯政府计划中进行的86项投资和在混合计划中获得资金的340家公司。研究集中在两项政府举措上,结果受到项目具体规定的影响;因此,不能对所有政府议程的结果进行概括;它们在议程的设计中具有指示性。原创性/价值研究风险投资对发展中市场的影响的实证研究数量有限,尤其是在中欧和东欧地区。这种企业层面的公共风险投资影响研究有助于提高发展政策的有效性。通过分析即将完成的风险投资项目的全部投资,作者对该地区全球价值链计划的效率和前景提供了新的见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
Spurring entrepreneurship with public venture capital in developing industries – evidence from Hungary
Purpose Venture capital (VC) is an essential element in healthy entrepreneurial environments; therefore, many countries in developing entrepreneurial economies support the industry via direct or indirect government interventions. The purpose of this study is to examine through the example of the Hungarian market, whether direct or hybrid state involvement has contributed more to the growth of the invested enterprises. The findings are relevant in the design of government VC schemes and in the contracts mitigating the moral hazards inherent in government funding. Design/methodology/approach The basis of empirical research is a unique hand-collected database covering Hungarian government-backed VC (GVC) investments. Based on the financial data of investee firms, the authors investigate whether firms financed by hybrid VC involving market participants are able to outperform firms that receive pure public financing using panel regression. Findings Based on Hungarian evidence, hybrid VC-backed firms generated lower growth and employment than their purely government-backed peers. Both schemes showed meagre innovation activity. The conclusion is that because of the conflict of private and economic policy objectives in hybrid financing, the exposure of hybrid risk capital to moral hazard is higher than that of pure public financing. Private interests in hybrid funds can only improve investment efficiency if they are structured along the lines of market-based independent financial intermediation and the contracts imitate the ones existing amongst limited and general partners in private schemes. Research limitations/implications The research covers the data of Hungarian government-backed firms by tracking the full range of 86 investments made in the purely government scheme and 340 firms that received funding in the hybrid scheme. The research focuses on two government initiatives, and the results are influenced by the specific regulation of the programs; therefore, the results cannot be generalized for all government agendas; they are indicative in the designs of the agendas. Originality/value There is a limited number of empirical studies investigating the impact of VC in developing markets, especially in the Central and Eastern Europe region. This firm-level research on the impact of public VC can help improve the effectiveness of development policies. By analysing the entirety of investments of a VC program that is near to its completion, the authors provide new insight into the efficiency and prospects of GVC schemes in the region.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
7.70
自引率
16.70%
发文量
68
期刊介绍: JEEE acquaints the readers with the latest trends and directions of explorations in the theory and practice of entrepreneurship. For the research section, the Journal of Entrepreneurship in Emerging Economies considers high quality theoretical and empirical academic research articles in the field of entrepreneurship, as well as general reviews. The ‘Entrepreneurship in practice’ section publishes insights from industry, case studies, policy focus pieces and interviews with entrepreneurs. Coverage will focus primarily on the following topics: Government policy on entrepreneurship International entrepreneurship Small and medium-sized enterprises Family-owned businesses The innovator as an individual and as a personality type New venture creation and acquisitions of a growing company Entrepreneurial behaviour in large organizations Venture financing and entrepreneurial education Minority issues in small business and entrepreneurship Corporate and non-profit entrepreneurship Ethics, the entrepreneur and the company Entrepreneurial cooperation and networking Entrepreneurial environment and cross-cultural management Comparative studies of entrepreneurship and marketing issues Development of the service sector and Chinese economy Chinese marketing and business innovation Service marketing and service innovation Brand management and network innovation Supply chain management and customer relationship management Entrepreneurial processes Risk management and venture capital Entrepreneurship and environmental sustainability Entrepreneurial growth and business sustainability Entrepreneurship, social sustainability, and social justice Entrepreneurship, proverty alleviation, and economic development.
期刊最新文献
The impact of robotic working patterns on employee work life and job satisfaction: evidence from ethnic minority businesses in the UK Inequality and entrepreneurship: future research trends Why small business owners get demotivated? Modeling “unwillingness to grow” using ISM approach Disentangling tech-enabled system change in social enterprises: an empirical exploration of Ashoka fellows Navigating the digital landscape: communication visibility and entrepreneurial opportunity identification
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1