Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom
研究美国高科技企业如何通过现金流和股票发行来为研发融资，发现年轻企业的研发对现金流和外部股权敏感，且金融供给变化能解释1990年代研发热潮的大部分，表明金融对创新和增长有重要影响。
ABSTRACT 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.