How to Motivate Fundamental Innovation: Optimal Interactions Between Entrepreneurs, Venture Capitalists, and the Government
Management Science · 2026 · Onur Bayar、Thomas J. Chemmanur、Mark H. Liu
中文摘要
我们分析企业家、风险投资家 (VC) 和政府在为基础性创新融资中的角色。基础性创新被定义为扣除开发成本后具有正的社会价值、但对创新企业而言净现值往往为负的创新,例如新冠疫苗。我们首先分析企业家在有或没有 VC 融资的情况下开发创新的情形。然后我们分析政府对创新的支持,以及政府在补贴与创新奖金之间的选择。我们进一步分析政府融资与 VC 融资之间的最优互动,表明政府以最优方式将补贴部分通过 VC 传递,从而为政府出资设立的 VC 提供了理论依据。总体而言,本文为最优选择哪些部门和技术获得政府支持(例如 2022 年《芯片与科学法案》所包含的补贴),以及政府支持应如何设计才能最大程度激励创新提供了一个框架。本文经金融方向编辑 Lin William Cong 录用。基金:O. Bayar 得到德州大学圣安东尼奥分校商学院暑期研究资助 [COB INTRA grant] 的支持。T. J. Chemmanur 感谢波士顿学院的暑期研究支持以及 Hillenbrand 杰出奖学金提供的额外资助。补充材料:在线附录可从 https://doi.org/10.1287/mnsc.2024.06188 获取。
Abstract
We analyze the roles of entrepreneurs, venture capitalists (VCs), and the government in financing fundamental innovations, defined as those with a positive social value net of development costs but often with negative net present values to innovating firms, for example, a vaccine against COVID-19. We first analyze the case where the entrepreneur, with or without VC financing, develops innovations. We then analyze government support of innovation and the government’s choice between subsidies and innovation prizes. We further analyze the optimal interactions between government and VC financing, showing that the government may optimally channel subsidies partially through VCs, thus rationalizing government-funded VCs. Overall, our paper provides a framework for the optimal choice of sectors and technologies to receive government support (e.g., subsidies included in the CHIPS and Science Act of 2022) and how any government support should be structured to best motivate innovation. This paper was accepted by Lin William Cong, finance. Funding: O. Bayar was supported by a summer research grant [COB INTRA grant] from the College of Business, University of Texas at San Antonio. T. J. Chemmanur acknowledges summer research support from Boston College and additional funding from a Hillenbrand Distinguished Fellowship. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2024.06188