【kortum,lerner vc與公司創(chuàng)新能力】assessing the contribution of venture capital to innovation_第1頁
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1、AssessingtheContributionofVentureCapitaltoInnovationAuth(s):SamuelKtumJoshLernerSource:TheRJournalofEconomicsVol.31No.4(Winter2000)pp.674692Publishedby:WileyonbehalfofRCpationStableURL::www.jst.gstable2696354Accessed:150

2、4201607:55UTCYouruseoftheJSTarchiveindicatesyouracceptanceoftheTerms&ConditionsofUseavailableat:about.jst.gtermsJSTisanotfprofitservicethathelpsscholarsresearchersstudentsdiscoverusebuilduponawiderangeofcontentinatrusted

3、digitalarchive.Weuseinfmationtechnologytoolstoincreaseproductivityfacilitatenewfmsofscholarship.FmeinfmationaboutJSTpleasecontactyRCpationarecollabatingwithJSTtodigitizepreserveextendaccesstoTheRJournalofEconomicsThiscon

4、tentdownloadedfrom219.223.223.250onFri15Apr201607:55:06UTCAllusesubjectto:about.jst.gtermsKTUMLERNER675thatsimplereducedfmregressionsmayoverstatetheeffectofventurefunding.Bothventurefundingpatentingcouldbepositivelyrelat

5、edtoathirdunobservedfactthearrivaloftechnologicalopptunities.Weaddressthisconcernintwoways.Firstweexploitthemajrecenteventintheventurecapitalindustry.In1979theU.S.DepartmentofLabclarifiedtheEmployeeRetirementIncomeSecuri

6、tyActapolicyshiftthatfreedpensionstoinvestinventurecapital.Thisshiftledtoasharpincreaseinthefundscommittedtoventurecapital.Thistypeofexogenouschangeshouldidentifytheroleofventurecapitalbecauseitisunlikelytoberelatedtothe

7、arrivalofentrepreneurialopptunities.Weexploitthisshiftininstrumentalvariableregressions.SecondweuseR&Dexpenditurestocontrolfthearrivaloftechnologicalopptunitiesthatareanticipatedbyeconomicactsatthetimebutthatareunobserve

8、dtousaseconometricians.IntheframewkofourmodelweshowthatthecausalityproblemdisappearsifweestimatetheimpactofventurecapitalonthepatentR&Dratioratherthanonpatentingitself.Evenafteraddressingthesecausalityconcernstheresultss

9、uggestthatventurefundingdoeshaveastrongpositiveimpactoninnovation.Theestimatedparametervariesaccdingtothetechniquesweemploybutfocusingonaconservativedlegroundadollarofventurecapitalappearstobeaboutthreetimesmepotentinsti

10、mulatingpatentingthanadollaroftraditionalcpateR&D.Ourestimatestherefesuggestthatventurecapitaleventhoughitaveragedlessthan3%ofcpateR&Dfrom1983to1992isresponsiblefamuchgreatershareabout8%ofU.S.industrialinnovationsinthisd

11、ecade.Onenaturalconcernisthatchangesinthelegalenvironmentmaybeconfoundingourresults.Inearlierwk(1998)wehavehighlightedhowthecreationofacentralizedappellatecourtfpatentcasesin1982nearlycoincidedwithanincreaseintherateofU.

12、S.patentapplications.Toaddressthisconcernweemployinallregressionsdummyvariablesfeachyearwhichshouldcontrolfchangesineitherthepropensitytofilefpatentsftheseapplicationstobegranted.Yeareffectscontrolfchangesintheoverallleg

13、alenvironmentunlessthe1982policyshiftboostedpatentingdisproptionatelyinparticularindustrieswhichdoesnotappeartohavebeenthecase(KtumLerner1998).Thefinalsectionofthearticleaddressesconcernsabouttherelationshipbetweenthedep

14、endentvariableinouranalyses(patents)whatwereallywishtomeasure(innovations).Venturecapitalmayspurpatentingwhilehavingnoimpactoninnovationifventurebackedfirmssimplypatentmeoftheirinnovationstoimpresspotentialinveststoavoid

15、expropriationoftheirideasbytheseinvests.Toinvestigatethispossibilitywecompareindicatsofthequalityofpatentsbetween122venturebacked408nonventurebackedcompaniesbasedindlesexCountyMassachusetts.Venturebackedfirmspatentsareme

16、frequentlycitedbyotherpatentsaremeaggressivelylitigated:venturebackingdoesnotappeartoleadtolowerqualitypatents.Furthermetheventurebackedfirmsaremefrequentlitigatsoftradesecretswhichsuggeststhattheyarenotsimplypatentingme

17、inlieuofrelyingontradesecretprotection.Itisimptanttoacknowledgethelimitsofouranalysis.Wehavefollowedasomewhatcrude“productionfunction“approachtoassessthecontributionofventurecapital.Insodoingwefacemanyofthefundamentaliss

18、uesraisedbyGriliches(1979)inhiscritiqueofattemptstoassessthecontributionofR&Dtoproductivity.Duetothelackofpreviousresearchinthisarenaourarticleshouldbeseenasafirstcutatquantifyingventurecapitalsimpactoninnovation.Wehopet

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