The financing of R&D provides a potentially important channel to link finance and economic
growth, but there is no direct evidence that financial effects are large enough to impact aggregate
R&D. U.S. firms finance R&D from volatile sources: cash flow and stock issues. We estimate
dynamic R&D models for high-tech firms and find significant effects of cash flow and external
equity for young, but not mature, firms. The financial coefficients for young firms are large
enough that finance supply shifts can explain most of the dramatic 1990s R&D boom, which
implies a significant connection between finance, innovation, and growth.

[此贴子已经被作者于2008-8-2 16:11:47编辑过]