Der Markt für Venture Capital: Anreizprobleme, Governance Strukturen und staatliche Interventionen

Georg Gebhardt and Klaus Schmidt ()

Munich Reprints in Economics from University of Munich, Department of Economics

Abstract: In this paper we give an overview, with special emphasis on Germany, of the recent development of the market for venture capital. We analyse the financial contracting problems that arise when entrepreneurs need capital from outside investors, and demonstrate how these problems are addressed by the institutions and contracts observed in the market for venture capital. Finally, we discuss the arguments in favour of government subsidies for private R and D, and argue that there are positive incentive effects if these subsidies are given to venture capital financed projects, rather than to established firms.

Date: 2002
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Published in Perspektiven der Wirtschaftspolitik 3 3(2002): pp. 235-255

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Related works:
Journal Article: Der Markt für Venture Capital: Anreizprobleme, Governance Strukturen und staatliche Interventionen (2002)
Working Paper: Der Markt für Venture Capital: Anreizprobleme, Governance Strukturen und staatliche Interventionen (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:lmu:muenar:20320

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