The Government as Venture Capitalist: The Long-Run Impact of the Sbir Program
The Government as Venture Capitalist: The Long-Run Impact of the Sbir Program
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DOI：
10.2139/ssrn.4746
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发表时间：
1998-02
期刊：
影响因子：
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通讯作者：
J. Lerner
中科院分区：
文献类型：
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作者：
J. Lerner
为企业（尤其是高科技公司）提供早期融资的公共项目在美国及其他国家已变得司空见惯。然而，这些项目的长期有效性却很少受到实证审查。本文研究了美国最大的公共风险资本举措——小企业创新研究（SBIR）计划的影响，该计划在1983年至1995年间为小型高科技企业提供了超过60亿美元的资金。利用美国总审计局编制的一个独特的受资助企业数据库，我发现SBIR受资助企业在十年期间的增长速度明显快于一组匹配的企业。SBIR资助的积极影响仅限于位于有大量风险资本活动的邮政编码区域的企业。这些研究结果与关于资本约束的公司金融文献以及关于本地化效应重要性的增长文献是一致的。
Public programs to provide early-stage financing to firms, particularly high-technology companies, have become commonplace in the United States and abroad. The long-run effectiveness of these programs, however, has attracted little empirical scrutiny. This paper examines the impact of the largest U.S. public venture capital initiative, the Small Business Innovation Research (SBIR) program, which has provided over $6 billion to small high-technology firms between 1983 and 1995. Using a unique database" of awardees compiled by the U.S. General Accounting Office, I show that SBIR awardees grew significantly faster than a matched set of firms over a ten-year period. The positive effects of SBIR awards were confined to firms based in zip codes with substantial venture capital activity. The findings are consistent with both the corporate finance literature on capital constraints and the growth literature on the importance of localization effects.