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Department of Economics, Copenhagen Business School Working Paper Series, Department of Economics, Copenhagen Business School

No 15-2006:
Public Policy for Start-up Entrepreneurship with Venture Capital and Bank Finance

Søren Bo Nielsen and Christian Keuschnigg

Abstract: In recent years, venture capital has become an important source for nancing young entrepreneurial rms. Given the apparently more innovative nature and extra value added of venture capital backed rms compared to other firms, policy makers have taken an increasing interest in an active venture capital industry. We explore how selected policy instruments determine the incentives of individuals to start up new rms and of venture capitalists to nance and advise them, and how policy thereby influences the size and nature of the industry and how it aspects aggregate welfare. We examine the impact of wage and corporate income taxes as well as capital gains taxes and start-up capital subsidies on the volume and quality of venture capital backed entrepreneurship. JEL-Classi cation: D82, G24, H24, H25 Keywords: Entrepreneurship, venture capital, double moral hazard, taxes, sub-sidies.

Keywords: na; (follow links to similar papers)

JEL-Codes: G10; (follow links to similar papers)

43 pages, January 1, 2006

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