Innovation, Trade, and Finance
研究了异质性企业在研发和扩张投资中的融资选择，以及金融制度如何影响企业进入、扩张和创新产品的比较优势，并分析了关税、研发补贴等政策对资本获取、创新产业和福利的影响。
Heterogeneous firms invest in R&D and expansion investment. Venture capital specializes in R&D financing where problems are largest. Marginal firms get funded by venture capital, while firms with larger debt capacity obtain cheaper bank financing. In the late-stage, cash-rich firms invest at an optimal scale, while cash-poor firms are restricted. A country's financial and institutional development determines entry and expansion of firms and their comparative advantage in producing innovative goods. We illustrate how tariffs, R&D subsidies, institutional reform and venture capital improve access to capital, expand innovative industries, boost national welfare and may result in ambiguous international welfare spillovers.