1704517225
1704517226
[12]Philippe Aghion and Patrick Bolton,“An Incomplete Contracts Approach to Financial Contracting,”ReviewofEconomicStudies59, no. 3（1992）
:473 -494.
1704517227
1704517228
[13]Aghion and Bolton,“An Incomplete Contracts Approach to Financial Contracting”;Steven N. Kaplan and Per Ströberg,“Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts,”ReviewofEconomicStudies70, no. 2（2003）
:281 -315.
1704517229
1704517230
[14]若干研究强调了风险资本对创新融资的作用，最早见于Samuel S. Kortum and Josh Lerner,“Assessing the Contribution of Venture Capital to Innovation,”RANDJournalofEconomics31, no. 4（2000）
:674 -692. See also publications by Josh Lerner and Paul Gompers: Paul Gompers and Josh Lerner,TheVentureCapitalCycle（Cambridge, MA: MITPress, 2004）; Paul Gompers and Josh Lerner,“The Venture Capital Revolution,”JournalofEconomicPerspectives15,no. 2（2001）
:145 -168.
1704517231
1704517232
[15]Ufuk Akcigit, Emin Dinlersoz, Jeremy Greenwood, and Veronika Penciakova,“Synergizing Ventures” （NBER Working Paper No. 26196, National Bureau of Economic Research, Cambridge, MA, August 2019）.
1704517233
1704517234
[16]创新的测量指标是企业获得第一项专利之后的3年内，其专利被引用的总次数。
1704517235
1704517236
[17]创新活动的测算指标是专利的数量结合质量（以专利被引用的次数计算）。
1704517237
1704517238
[18]Ghizlane Kettani,“Capital-risque, innovation et croissance” （Ph. D. diss. ,Université Paris-Dauphine, 2011）.
1704517239
1704517241
1704517242
[20]Philippe Aghion, John Van Reenen, and Luigi Zingales,“Innovation and Institutional Ownership,”AmericanEconomicReview103, no. 1（2013）
:277 -304.
1704517243
1704517244
[21]研发密度的测算办法是考虑专利质量权重后的专利数量。
1704517245
1704517246
[22]这一“职业发展”理论来自: Bengt Holmström,“Managerial Incentive Problems: A Dynamic Perspective,”ReviewofEconomicStudies66, no. 1（1999）
:169 -182.
1704517247
1704517248
[23]我们的隐含假设是，市场知道项目的创新程度如何，创新项目成功给经理人带来的声誉提升幅度比传统项目成功更大。
1704517249
1704517250
[24]Aghion, Van Reenen, and Zingales,“Innovation and Institutional Ownership.”
1704517251
1704517252
[25]竞争力度以垄断租金的相对值来测算。
1704517253
1704517254
[26]世界银行数据。
1704517255
1704517256
[27]法国的数据来自France Invest;美国的数据来自Prequin。
1704517257
1704517258
[28]与税收抵扣不同，免税额度影响的不是应税收入，而是实际纳税额。它直接从纳税额中扣除，如果免税额度超出应缴税额，甚至可能导致退款。
1704517259
1704517260
[29]Antoine Dechezleprêtre, Elias Einiö, Ralf Martin, Kieu-Trang Nguyen, and John Van Reenen,“Do Tax Incentives for Research Increase Firm Innovation?An RD Design for R&D”（NBER Working Paper No. 22405, National Bureau of Economic Research, Cambridge, MA, July 2016）.
1704517261
1704517262
[30]Ufuk Akcigit and William R. Kerr,“Growth through Heterogeneous Innovations,”Journal of Political Economy126, no. 4（2018）
:1374 -1443.
1704517263
1704517264
[31]关于研发活动的隐含税收补贴率，来自OECD的测算。
1704517265
1704517266
[32]企业规模可以由雇员人数、资产金额或销售额来测算。
1704517267
1704517268
[33]Thomas Philippon,“Has the US Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation,”AmericanEconomicReview105, no. 4（2015）
:1408 -1438.
1704517269
1704517270
[34]Philippe Aghion and Jeremy C. Stein,“Growth vs. Margins: Destabilizing Consequences of Giving the Stock Market What It Wants,”JournalofFinance63, no. 3（2008）
:1025 -1058.
1704517271
1704517272
1704517273
1704517274
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