1 SCIENCE TECHNOLOGY INDUSTRY VENTURE CAPITAL TRENDS AND POLICY文档.pdfVIP

SCIENCE TECHNOLOGY INDUSTRY VENTURE CAPITAL: TRENDS AND POLICY RECOMMENDATIONS 1 FOREWORD Venture capital is a special type of equity finance for typically young, high-risk and often high-technology firms. Not all OECD countries, however, are able to allocate private equity to risky, high value-added undertakings. Structural, regulatory and fiscal barriers act to constrain the development of a dynamic venture capital market and business environment. Country peer reviews on venture capital have been initiated to analyse recent market trends and the policy framework in selected OECD countries, as a part of the OECD project on Growth Follow-up: Micro-Policies for Growth and Productivity. Five policy areas, which are conducive to increasing the supply of venture capital, are surveyed: investment regulations, taxation, public equity programmes, business angel networks, and second-tier stock markets. Peer reviews have taken place on a voluntary basis in the Committee on Industry and Business Environment (CIBE). Ten countries have been reviewed, including: Canada, Denmark, Israel, Korea, Norway, Portugal, Spain, Sweden, the United Kingdom, and the United States. The following is a synthesis of the main findings, highlighting recent market trends, effective policies and recommendations that can serve as a guide for policy reform in individual countries. Further information, including an electronic version of this report and individual country reviews, can be accessed at /sti/micro-policies. This report was prepared by Günseli Baygan of the OECD Secretariat. 2 TABLE OF CONTENTS FOREWORD