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[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.
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[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.
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[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）.
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[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。
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[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）。
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[18]Ghizlane Kettani,“Capital-risque, innovation et croissance” （Ph. D. diss. ,Université Paris-Dauphine, 2011）.
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[20]Philippe Aghion, John Van Reenen, and Luigi Zingales,“Innovation and Institutional Ownership,”AmericanEconomicReview103, no. 1（2013）
:277 -304.
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[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。
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[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.
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[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。
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[24]Aghion, Van Reenen, and Zingales,“Innovation and Institutional Ownership.”
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[25]竞争力度以垄断租金的相对值来测算。
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[26]世界银行数据。
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[27]法国的数据来自France Invest;美国的数据来自Prequin。
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[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。
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[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）.
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[30]Ufuk Akcigit and William R. Kerr,“Growth through Heterogeneous Innovations,”Journal of Political Economy126, no. 4（2018）
:1374 -1443.
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[31]关于研发活动的隐含税收补贴率，来自OECD的测算。
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[32]企业规模可以由雇员人数、资产金额或销售额来测算。
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[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.
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[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.
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创造性破坏的力量 第13章 应对全球化
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