How do business startup modes affect economic growth?
How do business startup modes affect economic growth?
复制标题
创业模式如何影响经济增长？
DOI：
10.1111/caje.12417
复制
发表时间：
2019
期刊：
影响因子：
--
通讯作者：
Zhao Laixun
中科院分区：
文献类型：
--
作者：
Davis Colin;Zhao Laixun
本文考察了研究人员在投资研究（如实验室、科学家、设备、易腐材料等）时，是与风险资本家合作还是独立自主的选择，以及在一个以不完全合同和金融市场不完善为特征的经济体中，他们之间的互动如何影响长期增长。我们发现，当创业风险处于中值到高水平时，企业家更有可能选择风险投资。在不同的法律和金融环境下，与每种创业模式相关的福利排名表明，经济政策和研究激励可能并不总是一致的，因为企业家可能不会选择提供最高福利水平的模式。
This paper examines researchers’ choices between either collaborating with venture capitalists or going independent when investing in research (e.g., labs, scientists, equipment, perishable materials, etc.) and how their interaction affects long‐run growth in an economy characterized by incomplete contracts and financial market imperfections. We find that venture capital is more likely to be selected by entrepreneurs when startup risks are median to high. A ranking of the welfares associated with each startup mode under different legal and financial environments shows that economic policy and research incentives may not always align as entrepreneurs may not select the mode that provides the highest welfare level.