How to Design Public Venture Capital Funds: Empirical Evidence from South Korea
研究了韩国463支政府管理、赞助的风险投资基金和私人基金在1995-2005年间的特征，发现基金专业化聚焦特定行业和对风险投资家实行绩效敏感薪酬能有效增加对新技术企业的投资，为设计政府项目提供参考。
This study examines the effects of several features of government‐managed, sponsored venture capital (), and private funds on overall investments in new technology‐based firms () during two developmental stages (i.e., growth and restructuring) in outh orean market and suggests hints for designing effective government programs. Our results from data on 463 funds in the period 1995–2005 indicate the factors bearing a positive effect on investments targeted to . Such factors are the fund specialization focusing on certain industrial sectors, performance‐sensitive compensation for venture capitalists in private and government funds.