Innovation, Trade, and Finance

• 成果类型: Article
• 署名作者: Egger, Peter; Keuschnigg, Christian
• 署名单位: Swiss Federal Institutes of Technology Domain; ETH Zurich; University of St Gallen
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MICROECONOMICS
• ISSN/ISSBN: 1945-7669
• DOI: 10.1257/mic.20120032
• 发表日期: 2015
• 页码: 121-157
• 关键词: research-and-development; infant-industry protection; internal finance; comparative advantage; small firms; credit constraints; INVESTMENT; GROWTH; liquidity; MARKETS

摘要

Heterogeneous firms invest in R&D and expansion investment. Venture capital specializes in R&D financing where problems are largest. Marginal firms get funded by venture capital, while firms with larger debt capacity obtain cheaper bank financing. In the late-stage, cash-rich firms invest at an optimal scale, while cash-poor firms are restricted. A country's financial and institutional development determines entry and expansion of firms and their comparative advantage in producing innovative goods. We illustrate how tariffs, R&D subsidies, institutional reform and venture capital improve access to capital, expand innovative industries, boost national welfare and may result in ambiguous international welfare spillovers.