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The Effect of Venture Capital on Innovation Strategies

出版	National Bureau of Economic Research, 2007
URL	http://books.google.com.hk/books?id=Ax7wAAAAMAAJ&hl=&source=gbs_api

註釋We examine a unique dataset of Dutch companies, some of which have received venture financing. The data include detailed information on innovation activities and other company characteristics. We analyse the role of venture finance in influencing innovation strategies. We find that venture capitalists push portfolio companies towards building absorptive capacity and towards more permanent in-house R&D efforts. By contrast, we find that public funding relaxes financial constraints, but does not lead to a build-up of absorptive capacity. Our results thus highlight the special role of venture capital in shaping companies' innovation strategies.