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首页> 外文期刊>Journal of Business Research >Institutions and venture capital market creation: The case of an emerging market
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Institutions and venture capital market creation: The case of an emerging market

机译：机构和风险投资市场创作：新兴市场的案例

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Venture capital (VC) markets are essential for the development of high-growth entrepreneurship. Previous studies have discussed the importance of formal institutions and regulations in the creation of VC markets. However, the role played by informal institutions-and how they interact with formal institutions-is still puzzling. To disentangle this issue, we performed a 26-year analysis of the case of Chile, an emerging market where formal institutions and regulations had long been in place but a VC market failed to emerge. Based on our findings, we develop a theoretical framework where we propose that (1) the presence of strong formal regulatory institutions that support VC markets is a necessary but not sufficient condition for the emergence of a robust level of VC activity, and (2) informal institutions that legitimate high-growth entrepreneurship are a necessary antecedent to the availability of high-growth entrepreneurs and, therefore, to the emergence of a robust level of VC activity.
机译：风险投资（VC）市场对高增长企业家的发展至关重要。以前的研究已经讨论了正式机构和法规在创建VC市场的重要性。然而，非正式机构发挥作用 - 以及他们如何与正式机构互动 - 仍然是令人费解的。为了解开这个问题，我们对智利的案例进行了26年的分析，这是一个正式的机构和法规长期以来，但VC市场未能出现。基于我们的研究结果，我们建立了一个理论框架，我们建议（1）存在支持VC市场的强大正式监管机构，这是一种必要但不充分的VC活动级别的出现情况，以及（2）合法的高增长企业家的非正式机构是高增长企业家的可用性的必要前进，因此达到了强大的VC活动水平的出现。

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