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

David Audretsch () and Erik Lehmann ()

No 3656, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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.

Keywords: corporate governance; entrepreneurship; New Economy; venture capital (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn, nep-ent and nep-mfd
Date: 2002-11
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