| Project/Area Number |
18K01779
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Multi-year Fund |
|---|
| Section | 一般 |
|---|
| Review Section |
Basic Section 07080:Business administration-related
|
|---|
| Research Institution | Ritsumeikan University |
|---|
Principal Investigator |
|
|---|
| Project Period (FY) |
2018-04-01 – 2024-03-31
|
| Project Status |
Completed (Fiscal Year 2023)
|
| Budget Amount *help |
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2022: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2021: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2020: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2019: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2018: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
|
|---|
| Keywords | 公的ベンチャーキャピタル / 新技術ベンチャー / 育成効果 / 呼び水効果 / 民間ベンチャーキャピタル / ビジネス・エンジェル / ビジネスエンジェル |
|---|
| Outline of Final Research Achievements |
This study conducted panel data regression analyses based on the dataset consists of 1,099,068 yearly data from 2006 to 2015 for more than 187,000 unlisted firms in Estonia. It revealed that mixed syndication venture capital (VC) investment between public and private VC had a significant positive effect on the number of employees of investees but not on investees’ sales and profit. Private VC investment had a significant positive effect on investee sales. It also compared business angel (BA)-backed firms with non-BA-backed firms, extracted from the dataset above, by using propensity score matching. It showed that BAs were patient enough to allow their investees to spend for future growth rather than squeezing profit from increased sales. This is not patience without options for a BA in a situation in which the investee’s sales are deteriorating, but rather deliberate patience in the presence of options for a BA where the investee’s sales growth is increasing (Kirihata,2022a,b).
|
| Academic Significance and Societal Importance of the Research Achievements |
本研究のリサーチクエスチョン(RQ)及びその学術及び社会的意義は以下の通りである．【RQ1:公的VCの新技術ベンチャー育成効果】公的VCの投資先育成能力は発展途上である．自助努力による育成能力強化，又は，民間VCとの新たな連携スキーム開発が求められる．【RQ2:公的VCによる民間VC”呼び水効果”】公的VCは，自身の参入により，リスクマーネー拡充に貢献しているが，投資先育成において民間VCの範となれず，その”呼び水効果”は限られる．公的VCにあっては，民間VCに加え，新技術ベンチャーのニーズにマッチする”忍耐強い投資家”であるBAに対しても”呼び水効果”を働きかける新たな取組みも有望である．
|
