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1、ShortNotesforaQuestionnaireonHigh-GrowthandInnovativeFirms’AccesstoFinanceDuetoimperfectionsinfinancialmarketsandtheexistenceofasymmetricinformation,firmsarenotindifferentabouthowtofinancetheirgrowthpatterns.Applyingforlongtermbankloansinordertofinancenewinvestmentshasnotthesa
2、meimplicationsas,forexample,“goingpublic”andtryingtogetthesameamountofresourcesbyequityorapplying(withoutnecessarily“goingpublic”)toVentureCapitalandPrivateEquityfundsforthesamepurposes.Thissaid,ifoneacceptsthatdebtfinanceandequityfinancearenotperfectsubstitutesonecanalsoaccep
3、ttheideathat,onceinternalandexternalconditionsaffectingthefirmenvironmentaregiven,oneofthetwofinancingtoolscouldresultasbeingmore“efficient”thantheother,byi.e.producingahigherpositiveimpactonthefirm’sgrowthperformanceThisrequirespreviouslyprovidingproperanswerstotwodifferentis
4、sues.Thefirstoneconcernsthe“measurement”problem,relatedtothefactthatitisfirstnecessarytodeterminehowtomeasuretheinfluencefinancingtoolsplayonfirm’soutcome,whilethesecondoneisrelatedto“exact-determination”,sinceitisextremelyimportanttostudywhethertherelationshipbetweendebtorequ
5、ityfinanceandgrowthchangeswithvaryingfirm’sconditions.Bothissuesaregenerallytackledbyallcontributionsattemptingtowidenthelistofgrowthregressorsbeyondfirmsizeandage..Itisanywaytoconsiderthatthecorequestionisnotabouttheexactdefinitionofanoptimalfinancialstructure,butratherthatof
6、exploringatbestthewayinwhichdifferentfinancingtoolsaffectfirmgrowth.Policyimplicationsarequiteevident.Inthelastdecade,almostallnationalgovernments,eventhoseofmostadvancedcountries,haveputalotofemphasisonpoliciesrelatedtofosteringentrepreneurship,sinceitisincreasinglyviewedason
7、eofthemaindeterminantsofgrowth.Moreprecisely,policyattentionhasbeendevotedtoinnovativeandhigh-techfirms,especiallySMEs.Theseenterpriseshaveindeedbeenassignedasomewhatpioneeringrole,astheyaresupposedtoimplementchangeandopennewmarketsbymeansoftheirpeculiarfeatures,includinghighe
8、xpendituresonR&Dandcapital-intensiveproductionprocesses.Ifach
