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Gründungsfinanzierung und optimale Kassenhaltung
Brachtendorf, German | Witt, Peter
Credit and Capital Markets – Kredit und Kapital, Vol. 37 (2004), Iss. 1 : pp. 86–116
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German Brachtendorf, Vallendar
Peter Witt, Vallendar
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Abstract
Entrepreneurial Finance and Optimal Cash Inventories
In this paper we develop a lot size model for entrepreneurial financing problems. Starting out with a modified version of the standard lot sizing-model, we treat the cost of equity for externally provided equity as a dynamic variable. The start-up’s cash burn is also included as a dynamic variable. Using numerical examples, we show that the staging of equity investment in start-ups is significantly advantageous. From our model, we derive the optimum number of financing rounds and the absolute amount of money that can be saved by staging the investment.