Venture Capital and Industry Structure: Evidence from Local US Markets

被引：5
|
作者：
Popov, Alexander [1 ]
机构：
[1] European Cent Bank, Frankfurt, Germany
来源：
REVIEW OF FINANCE | 2014年 / 18卷 / 03期
关键词：
FIRM SIZE DISTRIBUTIONS; BANK COMPETITION; LIFE-CYCLE; GROWTH; FINANCE; DYNAMICS; INNOVATION; EVOLUTION; CHOICE; ENTRY;
D O I：
10.1093/rof/rft018
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
I use a panel of US manufacturing industries to test how venture capital (VC) affects the size distribution of business firms. The estimates suggest that an increase in the supply of VC affects positively mean firm size by increasing the relative share of medium-sized and larger firms. These results are robust to specifications that address the endogeneity in the supply of VC. The empirical evidence is consistent with the idea that VC promotes the "elitization" of firm entry.
引用
收藏
页码：1059 / 1096
页数：38
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