Financing Innovation
综述近五年关于创新融资的研究，涵盖大公司和初创企业，重点讨论债务融资的作用、多阶段创新项目中的学习与实验对最优融资设计的影响，以及融资选择与外部条件变化的互动。
We review the recent literature on the financing of innovation, inclusive of large companies and new start-ups. This research strand has been very active over the past five years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review outlines the growing body of work that documents a role for debt financing related to innovation. We highlight the new literature on learning and experimentation across multistage innovation projects and how this impacts optimal financing design. We further highlight the strong interaction between financing choices for innovation and changing external conditions, especially reduced experimentation costs.