Venture Capital and Startup Agglomeration
研究风险投资如何影响初创企业的地理集聚，利用一项限制银行投资风险投资的规则变化，发现受冲击地区的风投基金规模下降、初创企业融资减少并迁出，加剧了创业活动的地区差距。
ABSTRACT This paper examines venture capital's (VC) role in the geographic clustering of high‐growth startups. We exploit a rule change that disproportionately impacted U.S. regions that historically lacked VC financing via a restriction of banks to invest in the asset class. A one‐standard‐deviation increase in VCs' exposure to the rule led to a 20% decline in fund size and a 10% decrease in the likelihood of raising a follow‐on fund. Startups were not wholly cushioned: financing and valuations declined. Startups also moved out of impacted states after the rule change, likely exacerbating existing geographic disparity in entrepreneurship.