February 2018
February 2018
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2018年2月
DOI：
10.32964/tj17.02
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发表时间：
2018
影响因子：
7.6
通讯作者：
Pengfei Han
中科院分区：
文献类型：
--
作者：
Jeremy Greenwood;Pengfei Han
使用包含企业家和风险资本家之间的动态契约的内生增长模型来检验风险资本和增长之间的关系。在融资的每个阶段，风险投资家都会评估初创企业的生存能力。如果可行，风险投资公司将为下一阶段提供资金。项目的成功取决于资金的数额。该模型面临着有关风险投资的程式化事实；即按融资轮次统计IPO的成功率、失败率、投资率、股本、估值等。提高资本利得税会降低经济增长和福利。
The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, VCs provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital; viz., statistics by funding round concerning the success rate, failure rate, investment rate, equity shares, and the value of an IPO. Raising capital gains taxation reduces growth and welfare.