出版社：National Research University Higher School of Economics
摘要：Since 2006,Russian policymakers have taken various measures to stimulate the venture capital market. Government venture capital funds have been created,with,for example,the Russian Venture Company being capitalised to the amount of 15 billion rubles. Consequentially,since 2011,state-owned companies have been investing in private venture funds. These measures have led to increased levels of fundraising for startups. The main mechanism of such financing is grant support for young companies. As of 2018,the ratio of grant money provided to the total amount of funds raised in Russia is one of the highest among developed and developing countries (the USA,by comparison,is more than 2.5 times lower). The venture market landscape is such that when deciding whether to invest in a company,investors inevitably turn their attention to the details of previous rounds of company financing. In that context,the purpose of this work is to analyze the effect of grants received on the volume of subsequent financing a company attracts. To analyze the effect of receiving a grant,the determinant approach was used. Based on a sample of 184 Russian IT startups,two OLS models were built to show the effect of grant size on follow-on investment rounds. Various sets of determinants were considered that explain the volume of investments attracted by startups for both Russian and international markets. In addition,an excursus was conducted to study the effectiveness of government venture funds, which are the main grantors in the Russian venture market. Our results indicate that investing in startups which have received a grant increases the likelihood of an exit for the investor in the next investment round. Based on the results of previous studies,we show that the size of a received money grant has a positive effect on the amount of funding attracted in both follow-on rounds. For comparison,a number of previous studies of the Russian venture capital market showed that the investment size of the current round was influenced only by the previous instance of fundraising. The scientific novelty of this article concerns our evidence that the amount of funding attracted by startups is explained by such a specific indicator as grant support. Our results testify to the attractiveness for investors of Russian IT startups that received grant support. These conclusions have clear practical value for those who invest in Russian startups,the startups themselves,and investors in Russia in general.
关键词：venture capital;start-up accelerator;determinants;microeconomic factors;macroeconomic factors; investment activity;rounds of investments;grants
