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1、TheEffectofCapitalMarketCharacteristicsontheValueofStart-UpFirms∗RomanInderst†HolgerM.Müller‡July2002∗WethankPatrickBolton,MikeBurkart,PaulGompers,DenisGromb,ThomasHellmann,ChristianKeuschnigg,PeteKyle,JoshLerner,KjellNyborg,EnricoPerotti,PerStrömberg,EluvonThadden,MasakoUeda,JeffWurgler,andseminarpa
2、rticipantsattheUniversityofAmsterdam,HumboldtUniversityBerlin,theUniversityofMannheim,theStockholmSchoolofEconomics,TilburgUniversity,the“FiveStarConferenceonResearchinFinance”atNYU(2001),theworkshop“StrategicInteractionsinRelationshipFinance:BankLend-ingandVentureCapital”atLSE(2001),theworkshop“Fi
3、nancefortheXXICentury”inAmsterdam(2001),theEuropeanSummerSymposiuminFinancialMarkets(ESSFM)inGerzensee(2001),andtheAtlantaFedFinancialMarketsConference“VentureCapitalandTechnology:What’sNext?”inSeaIsland,GA(2002)forhelpfulcomments.Earlierversionsofthispapercirculatedunderthetitles“CompetitionandEffic
4、iencyintheMarketforVentureCapital”and“VentureCapitalContractsandMarketStructure.”†LondonSchoolofEconomics&CEPR.Address:DepartmentofEconomics&DepartmentofAccountingandFinance,LondonSchoolofEconomics,HoughtonStreet,LondonWC2A2AE.Email:r.inderst@lse.ac.uk.‡NewYorkUniversity&CEPR.Address:DepartmentofFi
5、nance,SternSchoolofBusiness,NewYorkUni-versity,44WestFourthStreet,Suite9-190,NewYork,NY10012-1126.Email:hmueller@stern.nyu.edu.1AbstractWeshowthatthesuccessprobability,financialcontract,pre-moneyvaluation,andvaluecreatedinastart-upfirmdependstronglyonthecharacteristicsofthecapitalmarketinwhichthestar
6、t-upraisesfinance,suchasthelevelofcapitalsupplyanddegreeofcapitalmarketcompetition,entrycosts,andcapitalmarkettransparency.Wecharacterizethelevelsofcapitalsupplyandcapitalmarketcompetitionforwhichthecreatedsurplusfallsshortofthesecond-bestbenchmark,implyingthatpublicpolicymeasuresaffectingthesupplyof
7、venturecapital(e.g.,changesinthecapitalgainstax)canincreasewelfare.Wealsoinvestigatetheeffectofcapitalsupplyontheincentivesofventurecapitaliststoscreenprojects.Weshowthatscreeningismoreintenseifthelevelofcap
