Beyond venture capital: an exploratory study of the finance-innovation-policy nexus in cleantech
通过美国和德国的比较案例研究，揭示了机构投资者、风险投资/私募股权与政策制定者之间的系统性相互依赖关系如何影响清洁技术创新条件，即“金融-创新-政策纽带”。
In recent years, scholarly interest in financing for innovation has grown, particularly for mitigating climate change. However, extant literature has neglected the interaction of actors along the equity financing value chain, and the indirect effects of innovation and financial policy on the supply and demand of private equity (PE) and venture capital (VC). In this article, we emphasize the importance of these understudied aspects through a comparative case study of equity finance for cleantech in the United States and Germany. We find that systemic interdependencies between institutional investors, VC/PE and policy makers influence the conditions for innovation—the “finance-innovation-policy nexus.” Adverse effects of policies affecting financial markets, in particular institutional investors, have to be taken into account to effectively mobilize private investments for (cleantech) innovation.