STI Policy Review

과학기술정책연구원 (Science & Technology Policy Institute)
권호 표지
DOI QR코드

DOI QR Code

Government-Backed Venture Capital as a Science, Technology and Innovation (STI) Policy Instrument: A Chinese Perspective

  • Li, Jun (Entrepreneurship and Innovation, Essex Business School, University of Essex)
  • 발행 : 2016.06.30
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

This paper discusses government-backed venture capital as a science, technology and innovation (STI) policy instrument from the Chinese perspective. China aspires to overhaul its growth model by vigorously promoting technological innovation and entrepreneurship. Like many other countries, however, funding gaps constrain new technology ventures in the early stages of venture development. To plug this gap, China attempts to use government-backed venture capital as a policy instrument. Super-size central government-backed VCs were set up and dozens of similar schemes are in operation at local levels. This paper provides a case study of such government-backed venture capital schemes in China. It documents the background conditions explaining the country's need for public venture capital, describes the distinct features of program design in such schemes, and assesses the impact of government-backed venture capital.

키워드

참고문헌

  1. Alperovych, Y., Hubner, G., & Lobet, F. (2015). How does governmental versus private venture capital backing affect a firmʼs efficiency? Evidence from Belgium. Journal of Business Venturing, 30(4), 508-525. https://doi.org/10.1016/j.jbusvent.2014.11.001
  2. Baygan, G. (2003). Venture capital policy review: United States (STI Working Papers 2003/12). Industry Issues. Paris: Directorate for science, technology and industry, OECD.
  3. Bertoni, F., & Tykvova, T. (2015). Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies. Research Policy, 44(4), 925-935. https://doi.org/10.1016/j.respol.2015.02.002
  4. Brander, J. A., Du, Q., & Hellmann, T. (2015). The effects of government-sponsored venture capital: international evidence. Review of Finance, 19(2), 571-618. https://doi.org/10.1093/rof/rfu009
  5. Brander, J. A., Egan, E., & Hellmann, T. (2010) Government sponsored versus private venture capital: Canadian evidence. In J. Lerner & A. Schoar (Eds.), International differences in entrepreneurship, national bureau of economic research (pp. 275-320). Chicago: University of Chicago Press.
  6. China Venture (2015). Report of government venture capital funds in China 2014. Beijing: ChinaVenture.
  7. Clarysse, B., Knocjaert, M., & Wright, M, (2009). Benchmarking UK venture capital to the US and Israel: What lessons can be learned? London: British Private Equity & Venture Capital Association (BVCA).
  8. Colombo, M. G., Cumming, D. J., & Vismara, S. (2016). Governmental venture capital for innovative young firms. The Journal of Technology Transfer, 41(1)10-24. https://doi.org/10.1007/s10961-014-9380-9
  9. Commission of the European Communities (2009). Financing innovation and SMEs (Commission Staff Working Document). Brussels: European Commission.
  10. Cumming, D., & MacIntosh, J. (2006). Crowding out private equity: Canadian evidence. Journal of Business Venturing, 21, 569-609. https://doi.org/10.1016/j.jbusvent.2005.06.002
  11. Da Rin, M., Nicodano, G., & Sembenelli, A. (2006). Public policy and creation of active venture capital markets, Journal of Public Economics, 90, 1699-1723. https://doi.org/10.1016/j.jpubeco.2005.09.013
  12. Ding, X. D., & Li, J. (2015) Incentives for innovation in China: Building an innovative economy. London; New York: Routledge.
  13. Grilli, L., & Murtinu, S. (2014a). New technology-based firms in Europe: market penetration, public venture capital, and timing of investment. Industrial and Corporate Change, 24(5), 1109-1148. https://doi.org/10.1093/icc/dtu025
  14. Grilli, L., & Murtinu, S. (2014b). Government, venture capital and the growth of European high-tech entrepreneurial firms. Research Policy, 43(9), 1523-1543. https://doi.org/10.1016/j.respol.2014.04.002
  15. Guerini, M., & Quas, A. (2016). Governmental venture capital in Europe: Screening and certification. Journal of Business Venturing, 31(2), 175-195. https://doi.org/10.1016/j.jbusvent.2015.10.001
  16. Harrison, R. T., & Mason, C. M. (2000). Editorial: the role of the public sector in the development of a regional venture capital industry. Venture Capital, 2(4), 243-253. https://doi.org/10.1080/13691060050176988
  17. Hood, N. (2000). Public venture capital and economic development: The Scottish experience. Venture Capital, 2(4), 313-341. https://doi.org/10.1080/13691060050177013
  18. House of Commons Committee of Public Accounts (HCCPA) (2010). Department for business, innovation and skills: Venture capital support to small businesses (Seventeenth Report of Session 2009-10). London: The Stationery Office Limited.
  19. Lerner, J. (1999). The government as venture capitalist: the long-run impact of the SBIR program. Journal of Business, 72, 285-318. https://doi.org/10.1086/209616
  20. Lerner, J. (2009). Boulevard of broken dreams: Why public efforts to boost entrepreneurship and venture capital have failed and what to do about it. New Jersey: Princeton University Press.
  21. Li, J., & Geng, S. (2012). Industrial clusters, shared resources, and firm performance. Entrepreneurship and Regional Development, 24(5-6), 357-382. https://doi.org/10.1080/08985626.2011.591841
  22. Li, J., & Wang, L. M. (Eds.). (2014). China's economic dynamics: A Beijing Consensus in the making? London; New York: Routledge.
  23. Lim, S., & Kim, Y. (2015). How to design public venture capital funds: Empirical evidence from South Korea. Journal of Small Business Management, 53(4), 843-867. https://doi.org/10.1111/jsbm.12109
  24. National Audit Office (NAO) (2009). The department for business, innovation and skills: Venture capital support to small businesses (HC 23 Session 2009-2010). Retrieved from https://www.nao.org.uk/wp-content/uploads/2009/12/091023.pdf
  25. National Endowment for Science, Technology and the Arts (NESTA) & the industry body and public policy advocate for the private equity and venture capital industry (BVCA) (2009). From funding gaps to thin markets: UK government support for early-stage venture capital (Research Report, September). Retrieved from http://www.lincscot.co.uk/media/3853/funding%20gaps%20to%20thin%20markets%20report.pdf
  26. Performance evaluation of GVC funds (2015, January 29). Shanxihk. Retrieved from http://www.shanxihk.com/huijishi/1668.html
  27. Qian, P., & Zhang, W. (2007). Return on venture capital investment and its determinants. Economic Research, 5, 78-90.
  28. Qinghai Productivity Improvement Centre (2014). Report of Qinghai GVC funds 2013. Retrieved from http://www.qh1633.com/kjjr_601/0/24.html
  29. Rigby, J., & Ramlogan, R. (2013). Access to finance: Impacts of publicly supported venture capital and loan guarantees (NESTA Working Paper No. 13/02). Retrieved from https://www.nesta.org.uk/sites/default/files/access_to_finance_impacts_of_publicly_supported_venture_capital_and_loan_guarantees.pdf
  30. Senor, D., & Singer, S. (2011). Start-up nation: The story of Israel's economic miracle. Toront, ON: McClelland & Stewart.
  31. Small Business Administration (SBA) (2004). Small business investment company program financial performance report for cohorts 1994-2004. Washington, DC.: Small Business Administration.
  32. VC hub" Shenzhen: How to spend 80 billion GVCs? (2014, July 5). 21st century global economy. Retrieved from http://m.21jingji.com/article/20150704/3fa2b213253733fe7586b97bd4fabb90.html
  33. Wang, X. Ta. (2012, January 7). The butterfly effect of government guiding funds to reshape the driver of regional development. China Economic Herald. Retrieved from http://www.ceh.com.cn/ceh/cjxx/2012/1/7/97382.shtml
  34. Zheng, C. (2009, April 10). Emerging concerns behind the fever of venture capital guiding funds. Financial Network. Retrieved from http://misc.caijing.com.cn/templates/inc/webcontent.jsp?id=110137001&time=2009-04-10&cl=100&page=all