IDEAS home Printed from https://ideas.repec.org/a/ksa/szemle/1533.html
   My bibliography  Save this article

Az állami támogatás hatása a projektfinanszírozásra erkölcsi kockázat és pozitív externáliák mellett. Szerződéselméleti megközelítés
[The impact of state subsidy on project financing under moral hazard and positive externalities]

Author

Listed:
  • Berlinger, Edina
  • Juhász, Péter
  • Lovas, Anita

Abstract

Elméletben és gyakorlatban is tisztázatlan az a kérdés, hogyan hat az állami támogatás a vállalkozó viselkedésére és ezen keresztül a gazdasági növekedésre. Abban viszonylag nagy az egyetértés, hogy az állam jelenléte a finanszírozásban rontja az ösztönzőket, de abban már megoszlanak a vélemények, hogy ha figyelembe vesszük az externális hatásokat, akkor az állami támogatások hatásainak eredője nem válik-e mégis pozitívvá. Számos szerző foglalkozik azzal a kérdéssel is, hogy az egyes támogatási formák (visszatérítendő/vissza nem térítendő, kezdeti/utólagos, feltételes/feltétel nélküli) közül melyik az optimális. Mi egy háromszereplős (állam, vállalkozó, magánfinanszírozó) modell keretében megmutatjuk, hogy egyszeres erkölcsi kockázat és pozitív externáliák mellett az állami támogatás értéket teremt, sőt a helyesen megtervezett támogatási rendszer nem rontja, hanem kifejezetten javítja az ösztönzőket, ezáltal nem kiszorítja, hanem katalizálja a magánfinanszírozást. A konkrét támogatási forma megválasztása azonban semleges, mivel optimumban ugyanazt a jóléti hatást lehet elérni mindegyikkel. Kivétel ez alól a minden esetben visszatérítendő állami hitel, mert annak semmiféle gazdaságélénkítő hatása nincs a modell keretei között.* Journal of Economic Literature (JEL) kód: D28, D86, G38, H23, H81.

Suggested Citation

  • Berlinger, Edina & Juhász, Péter & Lovas, Anita, 2015. "Az állami támogatás hatása a projektfinanszírozásra erkölcsi kockázat és pozitív externáliák mellett. Szerződéselméleti megközelítés [The impact of state subsidy on project financing under moral ha," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 139-171.
    • Handle: RePEc:ksa:szemle:1533
    as

    Download full text from publisher

    File URL: http://www.kszemle.hu/tartalom/letoltes.php?id=1533
    Download Restriction: Registration and subscription. 3-month embargo period to non-subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Simonovits, András, 2006. "Nyerhet-e mindenki az újraelosztásban?. Kötelező biztosítás és aszimmetrikus információ [Can everybody win by redistribution?. Compulsory insurance and asymmetrical information]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 873-879.
    2. Klaus M. Schmidt, 2003. "Convertible Securities and Venture Capital Finance," Journal of Finance, American Finance Association, vol. 58(3), pages 1139-1166, June.
    3. Matthew Odedokun, 2004. "Multilateral and Bilateral Loans versus Grants: Issues and Evidence," The World Economy, Wiley Blackwell, vol. 27(2), pages 239-263, February.
    4. Rafael Repullo & Javier Suarez, 2004. "Venture Capital Finance: A Security Design Approach," Review of Finance, European Finance Association, vol. 8(1), pages 75-108.
    5. repec:bla:jfinan:v:58:y:2003:i:5:p:2059-2086 is not listed on IDEAS
    6. Schertler, Andrea, 2002. "Venture Capitalists Investment Incentives Under Public Equity Schemes," Kiel Working Papers 1117, Kiel Institute for the World Economy (IfW Kiel).
    7. Péter Csóka & Dániel Havran & Nóra Szűcs, 2015. "Corporate financing under moral hazard and the default risk of buyers," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 23(4), pages 763-778, December.
    8. Catherine Casamatta, 2003. "Financing and Advising: Optimal Financial Contracts with Venture Capitalists," Journal of Finance, American Finance Association, vol. 58(5), pages 2059-2085, October.
    9. Bengt Holmstrom & Jean Tirole, 1997. "Financial Intermediation, Loanable Funds, and The Real Sector," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(3), pages 663-691.
    10. Kleer, Robin, 2010. "Government R&D subsidies as a signal for private investors," Research Policy, Elsevier, vol. 39(10), pages 1361-1374, December.
    11. Mathias Dewatripont & Patrick Legros & Steven A. Matthews, 2003. "Moral Hazard and Capital Structure Dynamics," Journal of the European Economic Association, MIT Press, vol. 1(4), pages 890-930, June.
    12. Innes, Robert D., 1990. "Limited liability and incentive contracting with ex-ante action choices," Journal of Economic Theory, Elsevier, vol. 52(1), pages 45-67, October.
    13. Tuomas Takalo & Tanja Tanayama, 2010. "Adverse selection and financing of innovation: is there a need for R&D subsidies?," The Journal of Technology Transfer, Springer, vol. 35(1), pages 16-41, February.
    14. Hermalin, Benjamin E & Katz, Michael L, 1993. "Judicial Modification of Contracts between Sophisticated Parties: A More Complete View of Incomplete Contracts and Their Breach," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 9(2), pages 230-255, October.
    15. Barr, Nicholas, 2004. "Economics of the Welfare State," OUP Catalogue, Oxford University Press, edition 4, number 9780199264971.
    16. Schertler, Andrea, 2000. "The Impact of Public Subsidies on Venture Capital Investments in Start-Up Enterprises," Kiel Working Papers 1018, Kiel Institute for the World Economy (IfW Kiel).
    17. Karsai, Judit, 2002. "Mit keres az állam a kockázatitőke-piacon?. A kockázati tőke állami finanszírozása Magyarországon [What business does the state have on venture-capital markets?. State funding of risk capital in Hu," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 928-942.
    18. Badics, Judit & Gömöri, András, 2004. "Információ és tudás [Information and knowledge]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 127-138.
    19. Csóka, Péter & Havran, Dániel & Szűcs, Nóra, 2010. "Információs paradoxon a vállalkozások hitelezésében nem fizető vevő esetén [An innovation paradox in enterprise financing where buyers fail to pay]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 318-336.
    20. Schertler, Andrea, 2002. "Comparative Advantages of Public Loan and Public Equity Schemes in Venture Capital Markets," Kiel Working Papers 1118, Kiel Institute for the World Economy (IfW Kiel).
    21. Jean Tirole, 2006. "The Theory of Corporate Finance," Post-Print hal-00173191, HAL.
    22. Hirsch, Julia, 2006. "Public policy and venture capital financed innovation: A contract design approach," CFS Working Paper Series 2006/29, Center for Financial Studies (CFS).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Fliszár, Vilmos, 2015. "Csökkenthető-e a referencia-kamatlábak manipulálásának valószínűsége?. Lehetséges irányok egy egyszerűsített modell alapján [Can reference interest-rate manipulation be decreased?. Possible directi," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1158-1171.
    2. Berlinger, Edina, 2017. "A piac és az állam szerepe az innovációban - Kornai János versus Joseph E. Stiglitz [The roles of the market and the state in innovation János Kornai versus Joseph E. Stiglitz]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 377-393.
    3. Gyorgy Vas, 2017. "The Moral Hazard issues of the State-Aid Programs for SME’s," Proceedings- 11th International Conference on Mangement, Enterprise and Benchmarking (MEB 2017),, Óbuda University, Keleti Faculty of Business and Management.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Edina Berlinger & Anita Lovas & Péter Juhász, 2017. "State subsidy and moral hazard in corporate financing," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 25(4), pages 743-770, December.
    2. Gerard Llobet & Javier Suarez, 2010. "Entrepreneurial Innovation, Patent Protection and Industry Dynamics," Working Papers wp2010_1001, CEMFI.
    3. Javier Suarez & Gerard Llobet, 2008. "Financially Constrained Innovation, Patent Protection, and Industry Dynamics," 2008 Meeting Papers 102, Society for Economic Dynamics.
    4. Bottazzi, Laura & Da Rin, Marco & Hellmann, Thomas, 2009. "What is the role of legal systems in financial intermediation? Theory and evidence," Journal of Financial Intermediation, Elsevier, vol. 18(4), pages 559-598, October.
    5. Hui Fu & Jun Yang & Yunbi An, 2019. "Contracts for venture capital financing with double-sided moral hazard," Small Business Economics, Springer, vol. 53(1), pages 129-144, June.
    6. Christian Keuschnigg, 2008. "Tax Policy for Venture Capital Backed Entrepreneurship," University of St. Gallen Department of Economics working paper series 2008 2008-07, Department of Economics, University of St. Gallen.
    7. Andrea Schertler, 2007. "Knowledge Capital and Venture Capital Investments: New Evidence from European Panel Data," German Economic Review, Verein für Socialpolitik, vol. 8(1), pages 64-88, February.
    8. Fu, Hui & Yang, Jun & An, Yunbi, 2019. "Made for each other: Perfect matching in venture capital markets," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 346-358.
    9. Ibolya Schindele, 2002. "Support and Interference: Venture Financing with Multiple Tasks," CERS-IE WORKING PAPERS 0215, Institute of Economics, Centre for Economic and Regional Studies.
    10. Antoine Renucci, 2008. "Access to financing, rents, and organization of the firm," Post-Print halshs-00365983, HAL.
    11. Holger M Muller & Roman Inderst, 2002. "Venture Capital Contracts and Market Structure," FMG Discussion Papers dp411, Financial Markets Group.
    12. repec:dau:papers:123456789/3211 is not listed on IDEAS
    13. Renucci, Antoine, 2008. "Access to financing, rents, and organization of the firm," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 337-346, September.
    14. Flor, Christian Riis & Grell, Kevin Berg, 2013. "Venture capital budgeting — Carry and correlation," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 216-234.
    15. Robert E. Hall & Susan E. Woodward, 2010. "The Burden of the Nondiversifiable Risk of Entrepreneurship," American Economic Review, American Economic Association, vol. 100(3), pages 1163-1194, June.
    16. Cuny, Charles J. & Talmor, Eli, 2007. "A theory of private equity turnarounds," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 629-646, September.
    17. Ouidad Yousfi, 2012. "Financial Capital Structure in LBO Project Under Asymmetric Information," Post-Print hal-00813878, HAL.
    18. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    19. Ola Bengtsson & S. Abraham Ravid, 2015. "Location Specific Styles and US Venture Capital Contracting," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 5(03), pages 1-40, September.
    20. Christian Keuschnigg & Soren Bo Nielsen, 2003. "Taxes and Venture Capital Support," Review of Finance, Springer, vol. 7(3), pages 515-539.
    21. Ewens, Michael & Gorbenko, Alexander & Korteweg, Arthur, 2022. "Venture capital contracts," Journal of Financial Economics, Elsevier, vol. 143(1), pages 131-158.

    More about this item

    JEL classification:

    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ksa:szemle:1533. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Odon Sok (email available below). General contact details of provider: http://www.kszemle.hu .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.