Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&

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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.

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Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom
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关键词：Innovation FINANCING External nancing Growth Growth Innovation equity FINANCING Boom