Private financing, R&D, and export activity: Evidence from Portugal
利用葡萄牙2006-2021年企业数据，研究发现私人股权融资与企业的出口和研发活动正相关，私人债务融资也促进创新投入和出口，但仅体现在是否参与的广泛边际上。
Using firm-level data for Portugal, 2006–2021, we investigate linkages between private financing — private equity (including venture capital) and private debt — and firms’ exporting and innovation. Combining matching and regression procedures, we find that private financing is associated with exporting and R&D activity. Firms financed by private equity are more likely to export and to export a larger share of their sales. They also exhibit higher propensity to allocate employees and funds to R&D, and to channel a larger share of investment into it. Private debt is likewise positively related to innovation inputs and exports, but both effects are limited to the extensive margin.