时间：2019年9月11日（周三）14：00-15：30

　　地点：北大国发院艺园办公室三楼会议室

　　主持人：张晓波、李力行、席天扬

　　主讲人：Yue Fei

　　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.

　　主讲人简介：

　　Yue Fei

　　Toulouse School of Economics (TSE), Toulouse, France

　　Ph.D. in Economics

　　Postdoc in Kenan-Flagler Business School, University of North Carolina--Chapel Hill.

　　Research field:

　　Primary: Corporate Finance, Entrepreneurship

　　Secondary: Financial Innovation, Financial Intermediation, Economics of Innovation