期刊名称：DIW Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung, Berlin
出版年度：2007
卷号：2007
出版社：Deutsches Institut für Wirtschaftsforschung, Berlin
摘要：The paper investigates young firms' choice of capital source. Our theoretical
model hypothesizes a positive (negative) relation between riskiness of the
project (price of venture capital) and receiving informed equity. We test our
predictions by employing a unique data set collected by KfW group. The
theoretical framework is largely confirmed for the sample of bank financing and
independent VC financing. However, the picture is less clear if the sample
includes also public and bank-dependent VCs. In this case, empirical evidence is
less compatible with theory, in particular the evidence on intrinsic project
risk is inconclusive.
