Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom

被引：1055

作者：

Brown, James R. ^{[2
]}

Fazzari, Steven M. ^{[1
]}

Petersen, Bruce C. ^{[1
]}

机构：

[1] Washington Univ, St Louis, MO 63130 USA

[2] Montana State Univ, St Louis, MT USA

来源：

JOURNAL OF FINANCE | 2009年 / 64卷 / 01期

关键词：

STOCK MARKETS; PANEL-DATA; INVESTMENT; ISSUES; BANKS; INFORMATION; DECISIONS; BUBBLES; RETURN; ERROR;

D O I：

10.1111/j.1540-6261.2008.01431.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The financing of R&D provides a potentially important channel to link finance and economic growth, but there is no direct evidence that financial effects are large enough to impact aggregate R&D. U.S. firms finance R&D from volatile sources: cash flow and stock issues. We estimate dynamic R&D models for high-tech firms and find significant effects of cash flow and external equity for young, but not mature, firms. The financial coefficients for young firms are large enough that finance supply shifts can explain most of the dramatic 1990s R&D boom, which implies a significant connection between finance, innovation, and growth.

引用

页码：151 / 185

页数：35

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