چكيده به لاتين
Innovation and knowledge-based economy, in the present age is one of the main factors for the economic development of countries. It is also considered in the country and its expression in overall resistance economic policy can observed in February 1392, in Article 2 of these policies. There are several factors that effect to level of innovation in different countries. One of them, is necessary infrastructure for financing of innovation that has attracted a lot of research. Financing innovation according to its own criteria, is done in different ways. One form is venture capital. This type of investment that is formed with the participation of investment and innovation, both micro and macro factor impact. Micro factors at the firm level that is manageable, but macro factors, including factors outside management firm and including institutional, economic and cultural. This study is investigating effect of institutional and economic factors to amount of venture capital investment at the emerging economic countries. Panel data model approach (combined data) is used. Institutional factors include the protection of intellectual property rights, the granted patent in any country, with transparency in government policies and government burden in setting up business and economic factors include economic growth, the high-tech export, capital domestic investment and the development of financial markets.The results of this study indicate that among the mentioned factors, factors such as the patent, high-tech export and development of financial markets, impact very much on venture capital investment and to improve the industry, policy makers have to concentrate in the first place to three factors. In the next phases, factors such as the protection of intellectual property and the obstacles in setting up businesses should be on the agendum.
