Firm Level Implications of Early Stage Venture Capital Investment - an Empirical Investigation
Firm Level Implications of Early Stage Venture Capital Investment - an Empirical Investigation
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DOI：
10.2139/ssrn.392925
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发表时间：
2007-03
期刊：
影响因子：
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通讯作者：
D. Engel;M. Keilbach
中科院分区：
文献类型：
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作者：
D. Engel;M. Keilbach
本文分析了风险资本融资对年轻德国企业的增长和创新活动的影响。在其他变量中，我们的公司数据包括风险投资和专利申请的数据。通过统计匹配程序，我们得出了一个适当的控制组的非风险投资公司。分析表明，创新型企业将能够以更高的概率完成风险投资交易。一旦这些公司获得风险投资，它们就会显示出更高的增长率，但在创新产出方面与其他可比公司没有区别。我们得出了战略含义。
The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With a statistical matching procedure we draw an adequate control group of non venture funded firms. The analysis gives evidence that innovative firms will be able to close a venture capital deal with higher probability. Once the firms are venture funded, they display higher growth rates but do not differ in their innovative output from otherwise comparable firms. We derive strategic implications.