CEMA研讨会2019年秋季第一讲将于9月10日（周二）中午12:10-1:30在712会议室举行，由美国北卡大学教堂山分校凯南-弗拉格勒商学院（Kenan-Flagler Business School, University of North Carolina--Chapel Hill）博士后费越报告论文“Can Governments Foster the Development of Venture Capital?”，欢迎感兴趣的师生参加。

【题目】：Can Governments Foster the Development of Venture Capital?

【摘要】：Exploring a novel dataset and a unique policy experiment, this paper examines the role of government intervention in the emergence of venture capital (VC) in China during 1999-2013. Using difference-in-difference methodology, I find that the central government program leads to an increase in local investment from both government and private VCs, which doubles the number of successful companies. The positive impact is most pronounced in relatively less developed regions and during the early development of the VC sector. I present two micro-level transmission channels of the crowding-in effects, through networks formed by previous investments and through co-ownership in VC affiliates.

【报告人简介】：费越，2013年毕业于中国经济与管理研究院数理经济与数理金融实验班，2019年毕业于法国图卢兹经济学院（Toulouse School of Economics），获经济学博士学位。目前在美国北卡大学教堂山分校凯南-弗拉格勒商学院从事博士后研究，研究领域为corporate finance，entrepreneurship。

中国经济与管理研究院 

2019年9月6日