Purpose

The purpose of this paper is to identify the impact of public support through equity instruments on firm performance, as measured by growth in employment, turnover and innovative activities.

Design/methodology/approach

The paper draws on available academic literature and policy evaluation studies and using a mixed-method approach based on evaluation synthesis.

Findings

The key findings reflect positive, albeit quantifiably small, outcomes for this type of policy intervention for employment and turnover and no effect on innovation. There is some concentration of positive results, which is also dependent on the number and quality of the available target companies.

Research limitations/implications

The evaluations used in this study vary considerably in their design, nature and the input and output variables used and, thus, limit a robust comparison of their outputs. Most of the evaluations examined in this paper did not control for multiple simultaneous treatment effects and/or subsequent funding rounds.

Practical implications

The evaluations are rarely designed to compare the treatment effects of alternative policy choices. Only seldom is an evaluation designed to assess the impact of the scheme in the context of the broader policy mix (with its framework conditions, etc.) which would provide more fine-grained policy implications.

Originality/value

The recent literature (Duruflé et al., 2017, Da Rin et al., 2011) highlights the dearth of studies exploring the role of government policies supporting venture and, more broadly, equity investments beyond comparisons of the efficiency of independent venture capital and government-backed venture capital. Most studies explore the impact in terms of exits, initial public offering and leverage effects whereas fewer studies look at output effects on companies such as turnover and employment growth. The paper aims to collect the existing evidence including less analysed policy evaluation studies and draw lessons for public policy.

中文翻译：

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公开权益工具对公司产出的影响的证据

目的

本文的目的是确定通过股权工具获得的公共支持对公司绩效的影响，以就业，营业额和创新活动的增长来衡量。

设计/方法/方法

本文利用现有的学术文献和政策评估研究，并基于评估综合采用混合方法。

发现

关键发现反映了这种针对就业和离职的政策干预措施的积极成果，尽管数量可观，但对创新没有影响。积极的结果有些集中，这也取决于可用的目标公司的数量和质量。

研究局限/意义

本研究中使用的评估在设计，性质以及所使用的输入和输出变量方面存在很大差异，因此限制了对其输出进行可靠的比较。本文中评估的大​​多数评估都无法控制多个同时发生的治疗效果和/或后续的融资轮次。

实际影响

评价很少旨在比较替代性政策选择的治疗效果。很少有旨在在更广泛的政策组合（及其框架条件等）的背景下评估该计划的影响的评估，这种评估会带来更细粒度的政策含义。

创意/价值

最近的文献（Duruflé等人，2017； Da Rin等人，2011）强调了缺乏研究政府政策对风险投资的支持作用的研究，更广泛的是，对股权投资的研究超出了独立风险资本和政府效率的比较支持的风险投资。大多数研究从退出，首次公开募股和杠杆效应等方面探讨影响，而很少有研究关注诸如营业额和就业增长之类的对公司的产出影响。本文旨在收集包括较少分析的政策评估研究在内的现有证据，并为公共政策吸取教训。