欧洲风险投资业产业竞争力研究

A Research on the Competitiveness of European Venture Capital Industry

本文基于现代产业组织理论SCP框架对欧洲风险投资业产业竞争力进行研究。结果表明,欧洲风险投资业较低的市场集中度水平、较高的退出壁垒决定了欧洲风险投资业投资行为特征,即欧洲风险资本主要流向非科技企业的后期发展阶段,并最终导致欧洲风险投资业相对较低的产业竞争力。

Based on the SCP frame of modern industrial organization, the paper analyses the European venture capital industry systematically. The research results show that low market concentration ratio and high entrance &exit barriers determine the investment behavior of European venture capital industry. The venture capital is mainly invested in later-stage non-technology firms. This is the answer to the question of relatively low industry competitiveness of European venture capital industry.