Financing High-Tech Growth: The Role of Debt or Equity

Using a data set of the firms listed on the Neuer Markt in Germany, this paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more likely to be financed by venture capitalists instead of banks. We also provide evidence that the presence of venture capitalists enhance the growth rates of firms positively.

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Year of publication:	2004
Authors:	Audretsch, David B. ; Lehmann, Erik E.
Publisher:	Jena : Max Planck Institute for Research into Economic Systems
Subject:	Unternehmensgründung \| Risikokapital \| Unternehmenswachstum \| Corporate Governance \| Hochtechnologiesektor \| Neuer Markt \| New Economy \| Deutschland \| Venture Capital \| Entrepreneurship

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Series:	Papers on Entrepreneurship, Growth and Public Policy ; 1904
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	494488565 [GVK] hdl:10419/19964 [Handle]
Classification:	L11 - Production, Pricing, and Market Structure Size; Size Distribution of Firms ; G32 - Financing Policy; Capital and Ownership Structure ; M13 - Entrepreneurship
Source:	EconStor

Persistent link: https://www.econbiz.de/10010261487