Financing technology-based small firms in Europe: what do we know?

被引：112

作者：

Revest, Valerie ^{[1
]}

Sapio, Alessandro ^{[1
]}

机构：

[1] Univ Napoli Parthenope, Naples, Italy

来源：

SMALL BUSINESS ECONOMICS | 2012年 / 39卷 / 01期

关键词：

High-tech; Small firms; Capital structure; Venture capital; Stock markets; Public policy; RESEARCH-AND-DEVELOPMENT; CASH FLOW SENSITIVITIES; CAPITAL-MARKET IMPERFECTIONS; TESTING STATIC TRADEOFF; PECKING ORDER MODELS; VENTURE CAPITALISTS; HIGH-TECH; PUBLIC-POLICY; START-UPS; BUSINESS ANGELS;

D O I：

10.1007/s11187-010-9291-6

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper reviews the evidence on financing technology-based small firms (TBSFs) in Europe. European TBSFs finance new investments by relying primarily on internal funds, due to capital market failures induced by asymmetric information. European venture capital has caught up with US venture capital, but this is mainly because of the growth in UK venture investments. It is unclear whether European venture capital has been able to certify the quality and enhance the growth of funded companies. Compared with the NASDAQ, there is little development of trading in high-tech stocks in Europe: the so-called New Markets established in the 1990s collapsed in the wake of the Internet bubble crash. Public venture capital and research and development (R&D) tax incentives seem to have positively affected high-tech firms.

引用

页码：179 / 205

页数：27

共 221 条

[21] Public policy and venture capital: The Canadian labor-sponsored venture capital funds [J].