CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
The Determinants of Venture Capital after the Financial Crisis:Evidence across Countries
KTH, School of Industrial Engineering and Management (ITM), Industrial Economics and Management (Dept.).
2019 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

This paper analyzes the determinants of venture capital (VC) investments after the 2008 Global Financial Crisis. We conduct a quantitative study using panel data methods with a data set of 17 OECD countries over the years 2007-2017. We use the reduced form models to analyze three main groups of factors affecting the demand for and supply of VC. The three groups include macroeconomic conditions, entrepreneurial environment, and technological opportunities. The results reveal that the short-term interest rate, market capitalization and the population percentage with tertiary education have a positive impact on venture capital investments, meanwhile, the unemployment rate, corporate profit tax and the growth of market capitalization are negatively correlated to VC investments. Moreover, we also perform regression analysis using the Financial Crisis period data and try to capture the effects of the crisis on the driving forces of VC investments. According to the comparison of regression results using data of different periods, we find that the Financial Crisis generates huge economic fluctuations, which makes the effects of determinants difficult to capture.

Abstract [zh]

本论文分析了2008全球金融危机之后风险投资的决定因素。我们采集了17个OECD国家2007到2017年的面板数据,进行了一项量化研究。我们使用了简化模型对三类影响风险投资需求和供给的因素进行了分析。这三类包括了宏观经济条件、企业生存环境和科技机会。分析结果显示短期利率、市值和国民高等教育比例与风险投资量显著正相关,与此同时,失业率、企业利润税率以及市值增长率与风险投资量显著负相关。我们也使用了金融危机时的数据进行了回归分析,试图捕捉金融危机对风险投资决定因素的影响力改变。比较了不同时期数据的回归结果,我们发现金融危机会带来巨大的经济波动,使得风险投资的决定因素失灵或者很难捕捉。

关键词: 风险投资 风险投资决定因素 金融危机 面板数据

Place, publisher, year, edition, pages
2019. , p. 58
Series
TRITA-ITM-EX ; 2019:734
Keywords [en]
Venture capital, Venture capital determinants, Financial Crisis, Panel data
National Category
Other Engineering and Technologies Economics and Business
Identifiers
URN: urn:nbn:se:kth:diva-273194OAI: oai:DiVA.org:kth-273194DiVA, id: diva2:1429434
Subject / course
Engineering and Management
Educational program
Master of Science - Industrial Engineering and Management
Presentation
2019-12-18, 00:00
Supervisors
Examiners
Available from: 2020-05-11 Created: 2020-05-11 Last updated: 2020-05-11Bibliographically approved

Open Access in DiVA

fulltext(1169 kB)6 downloads
File information
File name FULLTEXT01.pdfFile size 1169 kBChecksum SHA-512
c151153811fc5492d8f2c408a304b81001f9309dd18c35dbb5204ca4673e91cd8b616138258f22981555ce24392a5fded1875d8ac165bfaef8c6e9ef50011dbf
Type fulltextMimetype application/pdf

By organisation
Industrial Economics and Management (Dept.)
Other Engineering and TechnologiesEconomics and Business

Search outside of DiVA

GoogleGoogle Scholar
Total: 6 downloads
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

urn-nbn

Altmetric score

urn-nbn
Total: 29 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf