| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7170 |
| DP7170 Bank Activity and Funding Strategies: The Impact on Risk and Return | |
| Harry Huizinga; Asli Demirgüç-Kunt | |
| 发表日期 | 2009-02-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Innovative new ventures fail if they cannot attract resources needed to commercialise new ideas and inventions. Obtaining external resources is a central issue for nascent entrepreneurs - people who are in the process of starting new ventures. We argue in this paper that, a way to deal with this problem is to signal appropriability and feasibility of innovation to the financiers through patenting and prototyping activities, right in the early stages of the venture. We build a new dataset of over 900 nascent entrepreneurs with information on financing from conventional sources as well as business angels and venture capitalists. Our results suggest that patenting and prototyping increase the likelihood of obtaining external finance, especially equity. However, the most important determinant of debt is house ownership. This indicates that new start-ups need to protect their innovations and at the same time, should also prototype the intended product in order to obtain start-up finance. New ventures should therefore strategically use their innovativeness in order to obtain external finance. |
| 主题 | Industrial Organization |
| 关键词 | Innovation entrepreneurship Finance Information asymmetries |
| URL | https://cepr.org/publications/dp7170 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536008 |
| 推荐引用方式 GB/T 7714 | Harry Huizinga,Asli Demirgüç-Kunt. DP7170 Bank Activity and Funding Strategies: The Impact on Risk and Return. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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