Fencing off Silicon Valley: Cross-border venture capital and technology spillovers

• 成果类型: Article
• 署名作者: Akcigit, Ufuk; Ates, Sina T.; Lerner, Josh; Townsend, Richard R.; Zhestkova, Yulia
• 署名单位: University of Chicago; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors; Harvard University; University of California System; University of California San Diego
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2023.10.016
• 发表日期: 2024
• 页码: 14-39
• 关键词: Corporate venture capital; Foreign direct investment; INNOVATION

摘要

The treatment of foreign investors is a contentious topic in U.S. entrepreneurship policy. We model a setting where foreign corporate investments in Silicon Valley may allow U.S. entrepreneurs to pursue technologies that they could not otherwise, but may also lead to knowledge spillovers. We show that despite the benefits from such inbound investments for U.S. firms, it may be optimal for the U.S. government to raise their costs to deter these investments. Using as comprehensive as possible a sample of investments by foreign corporate investors in U.S. start-ups, we find evidence consistent with the presence of knowledge spillovers to foreign investors.