Assessing the contribution of venture capital to innovation

• 成果类型: Article
• 署名作者: Kortum, S; Lerner, J
• 署名单位: Boston University; National Bureau of Economic Research; Harvard University
• 刊物名称: RAND JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0741-6261
• DOI: 10.2307/2696354
• 发表日期: 2000
• 页码: 674-692
• 关键词: research-and-development; PRODUCTIVITY; revolution; panel

摘要

We examine the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, including exploiting a 1979 policy shift that spurred venture capital fundraising. We find that increases in venture capital activity in an industry are associated with significantly higher patenting rates. While the ratio of venture capital to R&D averaged less than 3% from 1983-1992, our estimates suggest that venture capital may have accounted for 8% of industrial innovations in that period.