Financing Innovation: Evidence from R&D Grants

被引:697
作者
Howell, Sabrina T. [1 ]
机构
[1] NYU, Stern Sch Business, 44 West 4th St, New York, NY 10012 USA
关键词
REGRESSION DISCONTINUITY DESIGNS; DEVELOPMENT SUBSIDIES; PRODUCT MARKET; CASH FLOW; CONSTRAINTS; INVESTMENT; EVOLUTION; STIMULATE; DYNAMICS;
D O I
10.1257/aer.20150808
中图分类号
F [经济];
学科分类号
020101 [政治经济学];
摘要
Governments regularly subsidize new ventures to spur innovation. This paper conducts the first large-sample, quasi-experimental evaluation of R&D subsidies. I use data on ranked applicants to the US Department of Energy's SBIR grant program. An early-stage award approximately doubles the probability that a firm receives subsequent venture capital and has large, positive impacts on patenting and revenue. These effects are stronger for more financially constrained firms. Certification, where the award contains information about firm quality, likely does not explain the grant effect. Instead, the grants are useful because they fund technology prototyping.
引用
收藏
页码:1136 / 1164
页数:29
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