ABSTRACT

Why do regional governments establish venture capital funds? Government intervention in venture capital markets is traditionally legitimised by market failure rationales. In this paper, we analyse the supply of public and private venture capital in Dutch regions, which reveals a multiplicity of rationales for government intervention in the regional economy. We ground this in the policy diffusion literature and distinguish four rationales for government intervention: economic competition, coercion, imitation and learning. The findings enrich the analysis of regional government interventions and challenge the rhetoric that regional policies seeking to foster venture capital markets are solely implemented to address market failures.

摘要

地方政府为什么要设立风险投资基金？政府对风险资本市场的干预传统上是通过市场失灵的理由来合法化的。在本文中，我们分析了荷兰地区公共和私人风险资本的供应，这揭示了政府干预区域经济的多种理由。我们以政策扩散文献为基础，并区分了政府干预的四个基本原理：经济竞争、胁迫、模仿和学习。调查结果丰富了对地区政府干预措施的分析，并挑战了旨在促进风险资本市场的地区政策仅用于解决市场失灵的说法。