論文題目：Can Governments Foster the Development of Venture Capital?
論文摘要：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.
報告人簡介：費越，2013年畢業于中央財經大學中國經濟與管理研究院數理經濟與數理金融實驗班，2019年畢業于法國圖盧茲經濟學院（Toulouse School of Economics），獲得經濟學博士學位。目前在美國北卡大學教堂山分校凱南-弗拉格勒商學院從事博士后研究，研究領域為corporate finance，entrepreneurship。