清华论坛第105讲

暨清华五道口全球名师大讲堂

主题

创业适配？中国创投的崛起及其对发展中国家的影响（Appropriate Entrepreneurship? The Rise of Chinese Venture Capital and the Developing World）

演讲嘉宾

约书亚·勒纳（Josh Lerner），哈佛大学商学院雅各布·希夫（Jacob H. Schiff）投资银行学教授

演讲语言

英文

时间

2023年10月24日（星期二）13:30-15:00

地点

清华大学五道口金融学院1-200教室

主办单位

清华大学五道口金融学院、清华大学学术委员会

摘要

一直以来，全球极具潜力的创业投资活动都是由以美国为代表的富裕发达国家主导的，直到中国崛起成为首个风险投资巨头的发展中国家。我们通过全球创投活动的综合数据，研究探讨了在国际范围内中国崛起对新兴经济体创业活动的影响。我们发现了三个现象：第一，随着中国的创投行业重要性的增强，在其他新兴市场的投资也随之显著增加，在那些由中国领先的行业中表现得尤为突出。这个现象更多出现在与中国经济、行业状况相似的国家。第二，新兴经济体的创投增长是由其本地投资者和新创立的公司推动的。这些新公司的商业模式更接近于其在中国的同行。第三，这种投资增长在跨行业和地理区域上有正向溢出效应。综上，我们的发现表明，众多发展中国家从中国的崛起中受益，并进一步促进其商业模式与当地环境的适配性发展。单一由发达国家主导的创业活动会制约发展中国家资本配置和创业活动的适配性。

Global high-potential entrepreneurship investment has traditionally been dominated by rich countries, especially the U.S., until the rise of China as the first developing country to become a venture capital powerhouse. We explore the international ramifications of China’s rise for emerging economies’ entrepreneurship using comprehensive data on global venture activities. We document three sets of findings. First, as the Chinese venture industry rose in importance, investment increased substantially in other emerging markets, particularly in sectors led by China. This effect was driven by country-sector pairs most economically similar to China. Second, the increase in venture investments in emerging economies was spurred by local investors and new firms whose business models more closely resembled those of their Chinese counterparts. Third, this growth in investment had positive cross-sector and geographic spillovers. Taken together, our findings suggest that developing countries benefited from the rise of China, which led to the development of business models more suited to their local context. A system where only rich countries lead in entrepreneurship could limit the appropriateness of capital allocation and entrepreneurial activity in developing countries.

嘉宾简介

约书亚·勒纳（Josh Lerner）现任哈佛商学院雅各布·希夫（Jacob H. Schiff）投资银行讲席教授、私人资本项目联合主任。勒纳的研究主要集中在风险投资和私募股权组织领域，这些研究成果总结在他的著作《发明的金钱》《专利资本》和《风险投资周期》中。他在创新和公共政策领域中也有广泛研究，这些研究成就在他的著作《创新的学问》《破碎的梦想大道》《混合代码》和《创新及其不满》中得以体现。

勒纳联合主持美国国家经济研究局（NBER）的生产力、创新和创业项目，并担任项目出版物《创业、创新政策与经济》的联合编辑。他创立并负责管理私人资本研究所，这是一个致力于鼓励获取数据和研究的非营利组织，经常领导和参与世界经济论坛的项目和活动。

在1993-1994学年，勒纳开设了“风险投资和私募股权”选修课，授课对象是MBA二年级的学生。在过去的三十年里，这门课一直是哈佛商学院最受欢迎的选修课之一，该课程的教材收录在《风险投资和私募股权：案例集》（第五版），以及教科书《风险投资、私募股权和创业融资》（第二版）。他还开设并教授风险投资、私募股权和创业课程，哈佛大学本科生、高管项目学生以及博士生都可以选修这些课程。

勒纳从耶鲁大学以物理和科技史的特殊专业背景毕业后，曾作为驻芝加哥和国会的布鲁金斯学会中的公私合作工作小组的一员，从事过有关技术创新和公共政策问题的研究。随后他从哈佛大学经济系获得博士学位。日前，勒纳教授在research.com网站组织的全球最有影响力的经济学家评选中，位列第37名。

Josh Lerner is the Jacob H. Schiff Professor at Harvard Business School and Co-Director of the HBS Private Capital Project. Much of his research focuses on venture capital and private equity organizations. (This research is summarized in his books The Money of Invention, Patent Capital, and The Venture Capital Cycle.) He also has extensively examined innovation and public policy. (That research is discussed in the books The Architecture of Innovation, The Boulevard of Broken Dreams, The Comingled Code, and Innovation and Its Discontents.)

He co-directs the National Bureau of Economic Research’s Productivity, Innovation, and Entrepreneurship Program and serves as co-editor of their publication, Entrepreneurship and Innovation Policy and the Economy. He founded and runs the Private Capital Research Institute, a nonprofit devoted to encouraging access to data and research, and has been a frequent leader of and participant in the World Economic Forum projects and events.

In the 1993-1994 academic year, he introduced an elective course for second-year MBAs. Over the past three decades, “Venture Capital and Private Equity” has consistently been one of the largest elective courses at Harvard Business School. (The course materials are collected in Venture Capital and Private Equity: A Casebook, now in its fifth edition, and the textbook Venture Capital, Private Equity, and the Financing of Entrepreneurship, whose second edition recently appeared.) He also established and teaches at Harvard undergraduate, executive, and doctoral courses on venture capital, private equity, and entrepreneurship.

He graduated from Yale College with a special divisional major. He worked for several years on issues concerning technological innovation and public policy at the Brookings Institution, for a public-private task force in Chicago, and on Capitol Hill. He then earned a Ph.D. from Harvard’s Economics Department. He was recently recognized as the 37th most influential economist worldwide by research.com.

参会方式

·本次会议为学术会议，仅面向清华大学师生、研究人员及校友。

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