Dynamics of High‐Growth Young Firms and the Role of Venture Capitalists
基于美国人口普查数据，构建企业生命周期模型，发现风险投资家的管理建议贡献了风投支持企业约22%的增长，且无风投的经济体将损失约0.46%的总消费。
ABSTRACT Motivated by the substantial growth and upfront investments of venture capital (VC)‐backed firms observed in administrative US Census data, this study develops a life‐cycle firm dynamics model. In the model, startups choose the source of financing from VC, angel investors, or banks, depending on their growth potential, and invest in innovation. The calibrated model explains the life‐cycle dynamics of firms with different sources of financing and suggests that venture capitalists' managerial advice accounts for around 22% of the growth in VC‐backed firms. A counterfactual economy without VC financing would experience an aggregate consumption loss of around 0.46%.