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Financing Investment in Innovation.

Zhuang, Zhong.

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Financing Investment in Innovation.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Financing Investment in Innovation./
Author:	Zhuang, Zhong.
Description:	125 p.
Notes:	Source: Dissertation Abstracts International, Volume: 74-11(E), Section: A.
Contained By:	Dissertation Abstracts International74-11A(E).
Subject:	Economics, Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3588956
ISBN:	9781303274046

Financing Investment in Innovation.
Zhuang, Zhong.

Financing Investment in Innovation. - 125 p.

Source: Dissertation Abstracts International, Volume: 74-11(E), Section: A.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 2013.

This dissertation studies the financing of firm innovation in the United States. Treating the potential endogeneity problems of the empirical specifications in prior studies, Chapter 1 employs a dynamic multi-equation model in which firms make interdependent decisions in financing, investment, and distribution, under the constraint that sources and uses of cash must be equal. I argue that the large R&D-cash flow sensitivities found in prior studies are mostly due to the lack of controlling for the interdependence and intertemporal nature of firm policies. My results show little support for prior arguments regarding firm financing constraints based solely on large cash flow effects on R&D. I argue that, instead of focusing on R&D-cash flow sensitivities alone, it is more appropriate to study financing constraints by investigating the asymmetry in firm responses to positive and negative cash flow shocks. Using this approach, my findings indicate that young high-tech firms are constrained, based on their significantly lower capability to absorb negative cash flow shocks than to accommodate positive ones. In addition, I find young and mature firms rely on different financing sources for innovation: young firms finance innovation through internal and external equity, while mature firms use cash flow and debt for R&D financing. R&D and physical capital investment are likely to be complementary for mature, but not for young, firms.

ISBN: 9781303274046Subjects--Topical Terms:

626650
Economics, Finance.

Financing Investment in Innovation.
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020 $a 9781303274046
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100 1 $a Zhuang, Zhong. $3 2096357
245 1 0 $a Financing Investment in Innovation.
300 $a 125 p.
500 $a Source: Dissertation Abstracts International, Volume: 74-11(E), Section: A.
500 $a Adviser: Mark Ready.
502 $a Thesis (Ph.D.)--The University of Wisconsin - Madison, 2013.
520 $a This dissertation studies the financing of firm innovation in the United States. Treating the potential endogeneity problems of the empirical specifications in prior studies, Chapter 1 employs a dynamic multi-equation model in which firms make interdependent decisions in financing, investment, and distribution, under the constraint that sources and uses of cash must be equal. I argue that the large R&D-cash flow sensitivities found in prior studies are mostly due to the lack of controlling for the interdependence and intertemporal nature of firm policies. My results show little support for prior arguments regarding firm financing constraints based solely on large cash flow effects on R&D. I argue that, instead of focusing on R&D-cash flow sensitivities alone, it is more appropriate to study financing constraints by investigating the asymmetry in firm responses to positive and negative cash flow shocks. Using this approach, my findings indicate that young high-tech firms are constrained, based on their significantly lower capability to absorb negative cash flow shocks than to accommodate positive ones. In addition, I find young and mature firms rely on different financing sources for innovation: young firms finance innovation through internal and external equity, while mature firms use cash flow and debt for R&D financing. R&D and physical capital investment are likely to be complementary for mature, but not for young, firms.
520 $a Estimating a dynamic model of investment and capital structure in the sector of innovating firms, Chapter 2 quantifies the potential economic benefits that would be achieved by enhancing knowledge asset pledgeability to provide R&D-intensive firms with less costly debt financing. My results indicate that a small increase in the pledgeability of knowledge assets already suffices to significantly alleviate firms' financing constraints in R&D, potentially offering substantial economic benefits to innovating firms and a profound boost to technological innovation. Suggesting an essential connection between finance, innovation, and the economy, my findings have timely implications for financial, economic, and accounting issues regarding the recognition and treatment of firm knowledge assets.
590 $a School code: 0262.
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650 4 $a Economics, General. $3 1017424
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710 2 $a The University of Wisconsin - Madison. $b Business. $3 2095187
773 0 $t Dissertation Abstracts International $g 74-11A(E).
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791 $a Ph.D.
792 $a 2013
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3588956