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Public policy towards entrepreneurial finance: spillovers and the scale-up gap

机译:创业融资公共政策:溢出效应和扩大差距

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摘要

Research in the area of public policy towards entrepreneurial finance has traditionally been focused on financing gaps, and whether or not government programmes successfully address or mitigate those financing gaps. More recently, a growing literature has identified externalities across different forms of entrepreneurial finance. These externalities include but are not limited to spillovers from one form of finance to another (such as from crowdfunding to venture capital, etc.), spillovers from domestic to international investment, and spillovers from early stage to late stage investment. Sometimes these externalities are positive and at other times they are negative. In this paper, we review what is known about these spillovers and highlight a need to better understand these spillovers for the optimal design of a government's portfolio of policy towards entrepreneurial finance.
机译:传统上,针对企业融资的公共政策领域的研究一直集中在融资缺口,以及政府计划是否成功解决或缓解了这些融资缺口。最近,越来越多的文献确定了不同形式的创业融资的外部性。这些外部性包括但不限于从一种金融形式向另一种金融形式的溢出(例如从众筹到风险投资等),从国内投资到国际投资的溢出以及从早期到后期投资的溢出。有时这些外部性是积极的,而其他时候则是消极的。在本文中,我们回顾了有关这些溢出的已知信息,并强调需要更好地理解这些溢出,以优化政府对创业融资的政策组合的设计。

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