Doctoral Dissertation Research in Economics: Corporate Venture Capital and Its Impact on Young Firm Growth

该奖项全部或部分由《2021年美国救援计划法案》（公法117-2）资助。高增长的年轻公司为美国创造就业机会和提高生产率做出了巨大贡献。虽然机构风险资本（IVC）是高增长年轻公司融资的关键因素，但美国四分之一的风险投资是由工业公司以公司风险资本（CVC）的形式进行的。与IVC作为一种金融中介形式不同，CVC需要工业企业之间的匹配，这些企业可能受到产品市场或技术协同效应的激励，而不是纯粹的融资关系。这个项目将调查CVC相对于IVC是否以及如何促进年轻公司的成长。利用详细的数据，该项目将比较不同CVC存在程度的行业中年轻公司的成长情况。然后，该项目将探索CVC影响年轻企业成果的机制。该项目的成果将对企业家精神和经济增长产生潜在的政策影响。该项目将汇集一个微观层面的数据集，将风险资本资助的公司与其资助者以及他们的专利活动和退出结果（通过首次公开发行或收购）联系起来。实证模型将探讨一个行业中被资助公司的结果与该行业滞后CVC存在的度量有关，这取决于一组丰富的固定效应和协变量，包括IVC投资。实证模型将采用转移-份额式研究设计，利用不同出资者的初始市场份额和出资者供应转移的几种工具的相互作用来预测CVC（和IVC）投资。一个包含CVC投资的企业创新内生增长模型假设，当双方拥有强大的需求侧或技术联系时，CVC会增强年轻企业的创新努力，从而提高增长结果。本文将使用产业投入产出矩阵和专利引用矩阵对假设进行实证检验。该奖项反映了美国国家科学基金会的法定使命，并通过使用基金会的知识价值和更广泛的影响审查标准进行评估，被认为值得支持。

This award is funded in whole or in part under the American Rescue Plan Act of 2021 (Public Law 117-2).High-growth young firms contribute considerably to U.S. job creation and productivity growth. While institutional venture capital (IVC) is a key factor in the financing of high-growth young firms, a quarter of U.S. venture investments are made by industrial firms in the form of corporate venture capital (CVC). Unlike IVC as a form of financial intermediation, CVC entails a match between industrial firms that are likely motivated by product market or technological synergies beyond a pure financing relationship. This project will investigate whether and how CVC contributes to young firm growth relative to IVC. Using detailed data, the project will compare young firm growth across industries with varying degrees of CVC presence. The project will then explore the mechanisms through which CVC influences young firm outcomes. Results from the project will have potential policy implications on entrepreneurship and economic growth.The project will assemble a micro-level dataset that links venture capital funded firms to their funders as well as to their patenting activity and exit outcome (via an initial public offering or an acquisition). The empirical model will explore the outcomes of funded firms in an industry in relation to a measure of lagged CVC presence in that industry, conditioning on a rich set of fixed effects and covariates including IVC investments. The empirical model will feature a shift-share style research design that predicts CVC (and IVC) investments using the interaction of the initial market shares of different funders and several instruments for funder supply shifts. An endogenous growth model of firm innovation incorporating CVC investments hypothesizes that CVC enhances a young firm’s innovation effort, hence growth outcomes, when the two parties share strong demand-side or technological linkages. The hypothesis will be tested empirically using the industry input-output matrix and the patent citation matrix.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.