| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7111 |
| DP7111 An Anatomy of International Trade: Evidence from French Firms | |
| Jonathan Eaton; Samuel S Kortum; francis kramarz | |
| 发表日期 | 2009 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Policy makers typically interpret positive relations between venture capital investments and innovations as an evidence that venture capital investments stimulate innovation ('VC-first hypothesis'). This interpretation is, however, one-sided because there may be a reverse causality that innovations induce venture capital investments ('innovation-first hypothesis'): an arrival of new technology increases demands for venture capital by driving new firm startups. We analyze this causality issue of venture capital investments and innovation in the US manufacturing industry using both total factor productivity (TFP) growth and patent counts as measures of innovation. Using a panel AR regression as well as industry-by-industry AR regressions, we find that TFP growth is often positively and significantly related with future VC investment, which is consistent with the innovation-first hypothesis. We find little evidence that supports the VC-first hypothesis. More surprisingly, one-year lagged VC investments are often negatively and significantly related with both TFP growth and patent counts. |
| 主题 | Financial Economics |
| 关键词 | Innovation Venture capital |
| URL | https://cepr.org/publications/dp7111 |
| 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/535948 |
| 推荐引用方式 GB/T 7714 | Jonathan Eaton,Samuel S Kortum,francis kramarz. DP7111 An Anatomy of International Trade: Evidence from French Firms. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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