"Venture Capital" ist ein spezialisiertes Marktsegment für privat vermitteltes, externes Eigenkapital, das sich mit neuen
Instrumentarien an Unternehmen mit hohem Wertsteigerungspotential wendet. Internationale Wirkungsanalysen weisen Venture Capital
als einen wichtigen Bestandteil moderner Innovations- und Produktionssysteme aus.
Keywords:Unternehmensfinanzierung Finanzierungslücke Private Equity Venture Capital
Forschungsbereich:Industrie-, Innovations- und internationale Ökonomie
Sprache:Deutsch
Venture Capital: An Overview of International Impact Analyses
Venture capital is a special type of institutionalised private equity. It gains its importance in bridging part of the 'financing
gap' not only by the focus on firms with a high growth potential, but also by the intense commitment in terms of the selection
and monitoring of projects, which helps to mitigate problems of asymmetric information. Equally important, the cash flow is
consistently reinvested, so the emphasis is on building up company value rather than on paying out dividends. Even though
the general empirical evidence is still scarce because of measurement problems, short time series and severe selection biases,
it is still possible to draw the cautious conclusion that venture capital is in many instances essential for the very existence
and growth of firms with high risk and growth potentials. Overall, venture capital financing appears to enhance innovation
output as measured by patent applications, speed up the time to market, and generally foster investment and corporate employment
growth.