FINANCING VENTURES
通过内生增长模型分析风险投资与经济增长的关系，模型包含企业家与风险投资家的动态合同，并匹配了各轮融资的成功率、投资率等典型事实，发现风投对创新初创企业的融资效率提升有利于长期增长和福利。
Abstract The relationship between venture capital (VC) and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about VC: statistics by funding round concerning success rates, failure rates, investment rates, equity shares, and initial public offering values. The increased efficiency offered by VC for financing inventive startups is important for long‐run growth and welfare.