表 題 The Role of Venture Capital in an Endogenously Growing Economy
著 者 Peichang Zhang

東北大学経済学研究科 博士課程

要 旨

This paper presents an endogenous growth model in which R&D improves product quality and venture capital supports these qualityenhancing activities both financially and non financially. In the model, the venture capitalists' skill in evaluating entrepreneurs' innovative abilities plays a key role in achieving innovation and economic growth. When their skill is sufficiently low, neither innovation nor economic growth occurs even if entrepreneurs are abundant in the economy. Moreover, insufficient market size discourages entrepreneurs from engaging in R&D activities. Therefore, competent venture capitalists and a sufficiently large market are indispensable to the economy's long-run growth.

キーワード ベンチャーキャピタル Venture Capital, イノベーション Innovation, 内生的成長理論 Endogenous Growth.
発行年月 2022年 4月

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