The Boundary of Government Action and Market Function in the Development of Venture Capital:”Static” Uncertainty and the ”Dynamic” Confirmability
As the financial innovation organization,venture capital is difficult to meet the venture enterprises” demand for funds through the market mechanism,the ”invisible hand” of the market fails under the information asymmetry and positive externalities.However,the regulation of the government does not have the greater “Crowding-in-Effects” of capital for the development of venture capital,the ”visible hand” of the government also fails.Based on the analysis of static and dynamic boundary about the government and the market,the article puts forward that the development of venture capital has the inherent behavior regulation.The key to the ”effective frontier” is the ”degree” of the government intervention,the complement of government and market each other,and forming a long-term and dynamic equilibrium.
venture capital government and market effective boundary dynamic evolution
Zengrui Tian Qinghao Gao
Donghua University Glorious Sun School of Business and Management Shanghai 200051
国内会议
天津
英文
1-9
2017-10-28（万方平台首次上网日期，不代表论文的发表时间）