| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP7110
|
| DP7110 The Future of Securities Regulation |
| Luigi Zingales
|
| 发表日期 | 2009
|
| 出版年 | 2009
|
| 语种 | 英语
|
| 摘要 | For the sample period of 1965-1992, Kortum and Lerner (2000) find that venture capital (VC) investments have a positive impact on patent count at industry level, and this impact is larger than that of R&D expenditures. We confirm that this positive impact continued to be present and became even stronger in late 90s during which VC industry experienced an unprecedented growth. We then proceed to study if this positive impact of VC is also present on productivity growth, which is a measure of innovation alternative to patent count. Unlike the impact on patent count, we do not find that VC investment affects total factor productivity growth. We do find that VC investment is positively associated with labor productivity but this positive impact is originated from the technology substitution from labor to other productive inputs such as energy and material. Therefore, our finding suggests that, at industry level, VC investment increases the patent propensity but may not necessarily improve the productive efficiency. Various interpretations are offered why this may be the case. |
| 主题 | Financial Economics
|
| 关键词 | Factor substitution
Innovation
Patent
Productivity
Venture capital
|
| URL | https://cepr.org/publications/dp7110
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535947
|
推荐引用方式
GB/T 7714 |
Luigi Zingales. DP7110 The Future of Securities Regulation. 2009.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
