Venture capital as a catalyst for commercialization and high growth

被引：27

作者：

Kelly, Ryan ^{[1
]}

Kim, Hankook ^{[1
]}

机构：

[1] Innovat Sci & Econ Dev Canada, 235 Queen St, Ottawa, ON, Canada

来源：

JOURNAL OF TECHNOLOGY TRANSFER | 2018年 / 43卷 / 06期

关键词：

Venture capital; Innovation; Firm performance; Matching estimation; PRIVATE EQUITY; PATENTS; FIRMS;

D O I：

10.1007/s10961-016-9540-1

中图分类号：

T [工业技术];

学科分类号：

08 ;

摘要：

We use Canadian data linking information on venture capital (VC) financing with firm-level administrative data to compare performance of VC-backed and non-VC-backed firms. The richness of the data allows us to incorporate a wide range of firm-level information into creating a control group based on propensity-score matching. In particular, we use typical covariates reflecting firm performance and characteristics (e.g., size, age, industry, location) as well as measures of firm-level innovation such as research and development (R&D) expenditures that are often thought to be associated with the potential for high growth and the probability of receiving VC financing. Our results show R&D expenditures not only attract VC, but are also increased more intensely for VC-backed firms than non-VC-backed counterparts over the short-run. Further, we show VC-backed firms enjoy greater growth in wages and scale over the 5-year period. Overall, our results provide empirical evidence that VC financing is associated with the acceleration of the innovation and commercialization process accompanied by greater growth in wages and scale.

引用

页码：1466 / 1492

页数：27

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