Capital Gains Tax, Venture Capital, and Innovation in Start-Ups*

被引：2

作者：

Dimitrova, Lora ^{[1
]}

Eswar, Sapnoti K. ^{[2
]}

机构：

[1] Univ Exeter, Univ Exeter Business Sch, Exeter, Devon, England

[2] Univ St Andrews, Sch Econ & Finance, St Andrews, Fife, Scotland

来源：

REVIEW OF FINANCE | 2023年 / 27卷 / 04期

关键词：

Innovation; Capital gains tax; Venture capital; Entrepreneurship; INVESTMENT; POLICY; TAXATION; MARKET; GROWTH; STOCK; STATE; COMPETITION; GOVERNANCE; DEBT;

D O I：

10.1093/rof/rfac057

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：1471 / 1519

页数：49

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