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Debt or Equity? The Role of Venture Capital in Financing the New Economy in Germany

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  • Audretsch, David B
  • Lehmann, Erik

Abstract

Using a dataset 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 enhances the growth rates of firms positively.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3656.

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Date of creation: Nov 2002
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Handle: RePEc:cpr:ceprdp:3656

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Keywords: corporate governance; entrepreneurship; New Economy; venture capital;

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Cited by:
  1. Audretsch, David B & Lehmann, Erik E & Warning, Susanne, 2003. "University Spillovers: Strategic Location and New Firm Performance," CEPR Discussion Papers 3837, C.E.P.R. Discussion Papers.
  2. Tykvová, Tereza, 2003. "Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Markt," ZEW Discussion Papers 03-44, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  3. Christian Keuschnigg & Soren Bo Nielsen, 2003. "Public Taxation and Venture Capital Backed Entrepreneurship," University of St. Gallen Department of Economics working paper series 2003 2003-17, Department of Economics, University of St. Gallen.
  4. SAU, Lino, 2007. "New Pecking Order Financing for Innovative Firms: an Overview," MPRA Paper 3659, University Library of Munich, Germany.
  5. Andrea Schertler, 2007. "Knowledge Capital and Venture Capital Investments: New Evidence from European Panel Data," German Economic Review, Verein für Socialpolitik, vol. 8, pages 64-88, 01.
  6. Keuschnigg, Christian & Nielsen, Soren Bo, 2003. "Taxation and Venture Capital-Backed Entrepreneurship," CEPR Discussion Papers 4097, C.E.P.R. Discussion Papers.
  7. Christian Hopp & Finn Rieder, 2005. "Strukturanalyse des deutschen Marktes für Beteiligungskapital: Unterschiede im Investitionsverhalten unabhängiger, bankenassoziierter und öffentlicher Venture-Capital-Investoren und Auswirkungen au," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 74(4), pages 140-152.
  8. Tom Vanacker & Sophie Manigart, 2010. "Pecking order and debt capacity considerations for high-growth companies seeking financing," Small Business Economics, Springer, vol. 35(1), pages 53-69, July.
  9. Tykvová, Tereza, 2003. "Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Mark," CFS Working Paper Series 2003/24, Center for Financial Studies (CFS).

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