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|Title:||Financing high-tech growth : the role of debt or equity |
|Authors:||Audretsch, David B.|
Lehmann, Erik E.
|Issue Date:||2004 |
|Series/Report no.:||Papers on entrepreneurship, growth and public policy 1904|
|Abstract:||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.|
|Document Type:||Working Paper|
|Appears in Collections:||Discussion Papers on Entrepreneurship, Growth and Public Policy, Max-Planck-Institut für Ökonomik|
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