Ingles tecnico Análisis semántico

Financing Innovation

By William R. Kerr and Ramana Nanda

Executive Summary — There is growing consensus that well-functioning financial markets play a central role in driving economic growth through their ability to spur technological innovation. In this paper for the Annual Review of Financial Economics, the authors ask how financial markets might actively shape the nature of R&D that is undertaken. They also examine how this may impact technological innovation and growth through the shaping of the ideas that are developed across firms. Drawing on a new but growing literature on the role that capital markets and financial intermediaries play in impacting firm-level innovation, the authors first elaborate on theoretical contributions regarding why financing R&D projects might be distinct from financing other types of projects and the channels through which financial intermediaries and capital markets can impact innovation. They then discuss empirical studies on financing innovation in mature firms, in particular the literature on how ownership and capital structure impact the amount and nature of innovation undertaken by firms. The paper also looks at innovation in startups and the growing literature on the effect that multi-stage financing has on innovation in young firms. Three main themes emerge: 1) A growing body of work documents a role for debt financing related to innovation. 2) A very active area of research has looked at "learning" across multi-stage financing. 3) There is strong interaction between financing choices for innovation and changing external conditions. Key concepts include:

• Financing constraints can be extensive in the context of firms engaged in R&D and innovation-with the ability to shape both the rate and the trajectory of innovation.
• Capital structure plays a central role in the outcome of innovations.
• Bank finance is an important source of finance, particularly for larger firms with tangible and intangible assets to pledge as collateral.
• Public markets may provide deep pockets but pose a set of agency costs that might be particularly harmful for firms engaged in exploration and novel innovations.
• There is a growing interest among academics and practitioners in the multi-stage financing of innovation, both in established firms and startups, and understanding the optimal contracts and policies that might stimulate innovation.

Glossary

Growing.- creciendo

Spur.- estimular

Review.- examen, análisis

Startups.- empresa naciente

Multistage.- varias etapas

Debt.- deuda

Across.- a través de

Engaged.- ocupado

Shape.- forma, figura

Rate.- evaluar

Pledge.- compromiso

Deep.- profundo

Pocket.- bolsillo, bolsa

Channel. - Canal, vía.

Pose. – colocar, proponer, postura, actitud.

Collateral. – avalar, garantía.

Análisis  semántico

1. - they then discuss empirical studies on financing innovation in mature firms, in particular the literature on how ownership and capital structure impact the amount and nature of innovation undertaken by firms.               (Voz activa)

 Ellos entonces analizan estudios empíricos de financiación de la innovación en empresas maduras, en particular la literatura sobre como la propiedad y la estructura de capital afectan la cantidad y la naturaleza de innovación emprendida por empresas.

2. - a growing body of work documents a role for debt financing related to innovation.  

                                                                                                                                        (Voz activa)

 Un cuerpo creciente de trabajo documenta un papel para la financiación de la deuda relacionado con la innovación.

3. - a very active area of research has looked at “learning” across multi-stage financing. 

                                                                                                                                           (Voz pasiva)

 Un área muy activa de investigación ha mirado "el estudio" a través de la financiación gradual.

4.-there is strong interaction between financing choices for innovation and changing external conditions.

 Hay interacción fuerte entre la financiación de opciones para la innovación y el cambio de condiciones externas.

5. - Financing constraints can be extensive in the context of firms engaged in R&D.

                                                                                                                         (Voz descriptiva)

 Las limitaciones financieras pueden ser extensas en el contexto de firmas que participan en R*D.

6. - Capital structure plays a central role in the outcome of innovations. (Voz activa)

 La estructura de capital juega un papel central en el resultado de innovaciones.

7. - Bank finance is an important source of finance, particularly for larger firms with tangible and intangible assets to pledge as collateral.                                               (Voz descriptiva)

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