Tax policy, venture capital, and entrepreneurship

被引：132
|
作者：
Keuschnigg, C
Nielsen, SB
机构：
[1] Univ St Gallen, HSG, IFF, CH-9000 St Gallen, Switzerland
[2] Univ St Gallen, CESifo, CH-9000 St Gallen, Switzerland
[3] Copenhagen Sch Econ & Business Adm, Dept Econ, EPRU, CEPR, DK-2000 Frederiksberg, Denmark
[4] Copenhagen Sch Econ & Business Adm, Dept Econ, CESifo, DK-2000 Frederiksberg, Denmark
来源：
JOURNAL OF PUBLIC ECONOMICS | 2003年 / 87卷 / 01期
关键词：
entrepreneurship; venture capital; moral hazard; taxes; subsidies;
D O I：
10.1016/S0047-2727(01)00170-0
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide funds, covering investment cost plus an upfront payment, in exchange for a share in the firm. The contract must include incentives to enlist full effort of entrepreneurs. Venture capitalists also assist with valuable business advice to enhance survival chances. The paper develops a general equilibrium framework with a traditional and an entrepreneurial sector and investigates the effects of taxes on the equilibrium level of managerial advice, entrepreneurship and welfare. It considers differential wage and capital income taxes, a comprehensive income tax, progressive taxation as well as investment and output subsidies to the entrepreneurial sector. (C) 2003 Elsevier Science B.V. All rights reserved.
引用
收藏
页码：175 / 203
页数：29
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