Measuring the Spillovers of Venture Capital
研究发现风险投资对初创企业的投资会通过知识溢出提升相关技术领域成熟企业的创新水平，且这种溢出效应因初创企业专利质量更高、更新颖、知识产权保护较弱而更强。
Abstract This paper shows that venture capital investment in start-ups increases innovation of established companies in technologically related fields due to knowledge spillovers. To address endogeneity issues, we instrument R&D expenditures of established companies with state-level R&D tax credits (Bloom, Schankerman, & Van Reenen, 2013) and venture capital investment with past fundraising of private equity buyout funds (Nanda & Rhodes-Kropf, 2013). Exploring the mechanism, we show that the patents of VC-financed start-ups are on average of higher quality, more novel, and less protected by intellectual property rights than those of established firms, leading to significantly larger spillovers. This knowledge transfer between companies is enhanced by mobile start-up inventors.