This paper analyzes the impact of the Italian Start Up Act which entered into force in October 2012. This public policy provides a unique bundle of benefits, such as tax incentives, public loan guarantees, and a more flexible labor law, for firms registered as “innovative startups” in Italy. This legislation has been implemented by the Italian government to increase innovativeness of small and young enterprises by facilitating access to (external) capital and (high-skilled) labor. Consequently, the goal of our evaluation is to assess the impact of the policy on equity, debt, and employment. Using various conditional difference-in-difference models, we find that the Italian innovative startup policy has met its primary objectives. The econometric results strongly suggest that Italian innovative startups are more successful in obtaining equity and debt capital and they also hire more employees because of the program participation.

本文分析了 2012 年 10 月生效的意大利初创企业法案的影响。这项公共政策为注册为“”的公司提供了一系列独特的福利，例如税收激励、公共贷款担保和更灵活的劳动法。意大利的创新型初创企业”。意大利政府实施了这项立法，旨在通过促进获得（外部）资本和（高技能）劳动力来提高小型和年轻企业的创新能力。因此，我们评估的目标是评估政策对股权、债务和就业的影响。使用各种条件双重差分模型，我们发现意大利创新创业政策已经达到了其主要目标。计量经济学结果强烈表明，意大利创新型初创企业在获得股权和债务资本方面更加成功，并且由于参与该计划，他们还雇用了更多员工。