innovative capability and financing constraints for innovation- more money, more

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1、INNOVATIVECAPABILITYANDFINANCINGCONSTRAINTSFORINNOVATION:MOREMONEY,MOREINNOVATION?HannaHottenrottandBettinaPeters*Abstract—Thisstudypresentsanovelempiricalapproachtoidentifyfinanc-Financingconstraintsmaynotaffectallfirmstothesameingconstraintsforinnovationbasedontheconceptofanidealtest(Hall,extent

2、.Theidentificationofconstrainedfirmsisparticu-2008).Firmswereofferedahypotheticalpaymentandaskedtochoosebetweenalternativesofuse.Iftheyselectedadditionalinnovationprojects,larlyinterestingforpolicymakersinordertodesigneffectivetheymusthavehadsomeunexploitedinvestmentopportunitiesthatwerenotpolicys

3、chemesaimedatpreventingwelfare-reducingsub-profitableusingmorecostlyexternalfinance.Weattributeconstraintsforinnovationnotonlytolackingfinancing,butalsotofirms’innovativecapa-optimalinvestmentininnovation.Incontrasttoempiricalbility.Econometricresultsshowthatfinancialconstraintsdonotdependonstudiesth

4、attestedthepresenceoffinancingconstraintsindi-theavailabilityofinternalfundspersebutthattheyaredrivenbyinnovativerectlybythesensitivityofinvestmentinR&Dtochangesincapability.internalfunds,thisstudytakesadirectapproach.Itisbasedontheconceptofanidealtestforidentifyingfinancialcon-I.Introductionstrai

5、ntsoninvestmentininnovationasHall(2008)proposed.widelyacceptedviewineconomicresearchandpol-Shesuggeststhat“theidealexperimentforidentifyingtheAicypracticeisthatinnovationconstitutesanimportanteffectsofliquidityconstraintsoninvestmentistogivefirmsdrivingforceoffirm-levelproductivity,competitiveness

6、,andadditionalcashexogenously,andobservewhethertheypasssustainableeconomicgrowth.1Consequently,itisacon-itontoshareholdersoruseitforinvestmentand/orR&D....cernforbothpolicymakersandindustrypractitionersthatIftheychoosethesecond,thenthefirmmusthavehadsomefinancingconstraintsduetoimperfectionsincapi

7、talmarketsunexploitedinvestmentopportunitiesthatwerenotprofitablereduceinvestmentsininnovationbelowdesiredlevels.Invest-usingmorecostlyexternalfinance.”Thatis,thesefirmshadmentininnovationmaybeparticularlyaffectedbyfinancialbeen