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- Title
Az állam a kockázati tőkés szerepében.
- Authors
BALÁZS, FAZEKAS; PATRÍCIA, BECSKY-NAGY
- Abstract
The article covers the government-backed venture-capital investments made in Hungary since 2010. It focuses on whether firms backed by hybrid or purely government-backed funds can perform better than others. Based on Hungarian evidence, firms backed by hybrid venture capital generate lower growth and employment than their purely government-backed venture capital-financed peers. Both forms of firm showed meagre activity in the field of innovation. The authors conclude that the appearance of private interest in the hybrid scheme does not lead automatically to a superior funding model. Furthermore, there is a higher chance of moral-hazard issues in hybrid venture-capital funding, which in a case of inadequate regulation may result in greater market distortions. Private interests in hybrid schemes may bring more efficient use of public funds if hybrid funds imitate the mechanisms of independent private funds and if the characteristics of the agendas match market needs.
- Publication
Economic Review / Kozgazdasagi Szemle, 2018, Vol 65, p1257
- ISSN
0023-4346
- Publication type
Article
- DOI
10.18414/ksz.2018.12.1257