The Role of Governmental Venture Capital in the Venture Capital Ecosystem: An Organizational Ecology Perspective
运用组织生态学理论，研究政府风险投资如何影响私人风险投资的投资行为，发现政府风险投资作为独特物种，与私人风险投资建立互利关系，吸引后者进入其生态位。
We use the theory of organizational ecology to study how governmental venture capital (GVC) affects the investment behavior of private venture capital (PVC). Because of its objectives and dominant competencies, GVC is a unique organizational species that occupies a different niche than PVC. GVC is conceived to establish mutualistic relations with PVC. Accordingly, the greater the presence of GVC in a venture capital (VC) ecosystem, the more PVC investors should be attracted toward GVC’s niche. We consider several relevant niche dimensions at the company (age and size), industry (biotechnology), and regional (competitiveness) levels. Our analysis of 1,239 PVC investments in Europe confirms most of our predictions.