The Impact of Venture Capital on Innovation
The Impact of Venture Capital on Innovation
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DOI：
10.1093/oxfordhb/9780195391596.013.0023
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发表时间：
2012-04
期刊：
影响因子：
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通讯作者：
R. Dessí;Nina Yin
中科院分区：
文献类型：
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作者：
R. Dessí;Nina Yin
风险资本是否促进生产性创新，如果是，如何促进？风险投资对创新的影响是不是很大？这些问题不仅具有理论意义：正确回答这些问题对于设计最佳的创新公共政策至关重要。虽然风险资本在创业融资总额中所占比例很低，特别是与银行融资相比1，但风险资本被广泛认为是美国在创新方面取得成功的关键因素，提供了一种激励许多其他国家效仿的模式。从这个角度来看，很好地理解模型以及它是如何工作的也很重要。本章首先回顾了风险资本对创新影响的经验证据。我们确定了一些关键的挑战，实证研究在这一领域，并讨论了已被用来解决这些问题的方法。我们的审查绝不是详尽无遗的，但有几个发现是明确的。
Does venture capital foster productive innovation, and if so, how? Is the impact of venture capital on innovation very large? These questions are not only of theoretical interest: answering them correctly is crucial for designing the best public policies on innovation. Although it accounts for a rather low proportion of total entrepreneurial financing, notably compared to bank finance1, venture capital is widely regarded as a key factor in the successful performance of the U.S. in terms of innovation, providing a model that has inspired emulation efforts in many other countries. From this perspective too, it is important to understand the model well, and how it works. This chapter begins by reviewing the empirical evidence on the impact of venture capital on innovation. We identify some of the key challenges to empirical research in this area, and discuss the methods that have been used to address them. Our review is by no means exhaustive, but several findings emerge clearly.