资本利得税、风险资本和创业创新

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2022-09-08 DOI:10.1093/rof/rfac057

Lora Dimitrova, Sapnoti K Eswar

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引用次数: 0

摘要

我们研究了州一级资本利得税的交错变化对风险投资(VC)支持的初创企业的影响，并表明风险投资公司税率的增加降低了初创企业专利的数量和质量。结果与风险投资公司提供努力的激励减少是一致的:风险投资公司资本利得税的增加导致风险投资公司投资组合中初创企业之间的创新交流逐渐减少。风投公司还降低了对初创企业的投资水平和投资组合的规模，并增加了他们注销的初创企业数量。

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Capital Gains Tax, Venture Capital and Innovation in Start-ups

We examine the effect of staggered changes in the state-level capital gains tax on venture capital (VC)-backed start-ups and show that an increase in the tax rate of VC firms reduces the quantity and quality of patents by the start-ups. The results are consistent with a reduction in VC firms’ incentives to provide effort: increases in the capital gains tax for VC firms lead to incrementally lower innovation exchanges between start-ups in the VC firm’s portfolio. VC firms also decrease the level of investment in start-ups and the size of their portfolio as well as increase the number of start-ups that they write off.

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.