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Crescita, Innovazione Tecnologica e Mercato dei Capitali: il Ruolo del Venture Capital

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Author Info
Marco Arnone (IMF & Catholic University of Milan)
Umberto Giacometti (Rothschild)

Additional information is available for the following registered author(s):

Abstract

Questo paper considera il venture capital come forma di finanziamento che si realizza in quegli ambienti dove i fallimenti di mercato causati da problemi informativi sono tali da non rendere possibile l'affermazione di altre istituzioni finanziarie, e dove questa si affermi come unica forma di finanziamento nell'ambito della finanza d'impresa. Definiremo allora il venture capital come un intermediario finanziario altamente specializzato in grado di operare in certi ambienti, caratterizzati da livelli elevati di incertezza e dalla presenza di forti asimmetrie informative, in cui la capacità nell'affrontare le inefficienza strutturali del mercato risiede nell'abilità di raccogliere e trattare le informazioni rilevanti per prendere decisioni ottimali di investimento. Gli ambienti in cui i venture capitalist sono prevalenti sono i settori innovativi delle imprese ad alta tecnologia, dove a causa dell'elevata intensità di ricerca e sviluppo e della sostanziale intangibilità dei beni, si generano considerevoli livelli di incertezza e di asimmetrie informative, rendendo estremamente difficoltosa la selezione delle opportunità di investimento e il controllo dei comportamenti opportunistici degli imprenditori.

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Publisher Info
Paper provided by EconWPA in its series Finance with number 0404008.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 50 pages
Date of creation: 13 Apr 2004
Date of revision:
Handle: RePEc:wpa:wuwpfi:0404008

Note: Type of Document - pdf; pages: 50. Venture capital financing is essential in the presence of strong informational asymmetries that make more traditional forms of finance unavailable
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Web page: http://129.3.20.41

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Related research
Keywords: Venture capital; asymmetric information; financing decision; ownership;

Find related papers by JEL classification:
G - Financial Economics

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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  16. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June. [Downloadable!] (restricted)
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  20. Samuel Kortum & Josh Lerner, 1998. "Does Venture Capital Spur Innovation?," NBER Working Papers 6846, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  21. Hart, O. & Moore, J., 1989. "Default And Renegotiation: A Dynamic Model Of Debt," Working papers 520, Massachusetts Institute of Technology (MIT), Department of Economics.
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