Assessing the Contribution of Venture Capital to Innovation
研究美国二十个行业三十年间风险投资对专利发明的影响，发现风险投资增加会显著提高专利数量，且其贡献可能超过投资占比。
We examine the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, including exploiting a 1979 policy shift that spurred venture capital fundraising. We find that increases in venture capital activity in an industry are associated with significantly higher patenting rates. While the ratio of venture capital to R&D averaged less than 3 % from 1983–1992, our estimates suggest that venture capital may have accounted for 8 % of industrial innovations in that period. 1.