We review the growing literature on the relationship between venture capital (VC) booms and start-up financing, focusing on three broad areas. First, we discuss the drivers of large inflows into the VC asset class, particularly in recent years, which are related to but also distinct from macroeconomic business cycles and stock market fluctuations. Second, we review the emerging literature on the real effects of VC financing booms. A particular focus of this work is to highlight the potential impact that booms (and busts) can have on the types of firms that VC investors choose to fund and the terms at which they are funded, independent of investment opportunities—thereby shaping the trajectory of innovation being conducted by start-ups. Third, an important insight from recent research is that booms in VC financing are not just a temporal phenomenon but can also be seen in terms of the concentration of VC investment in certain industries and geographies. We also review the role of government policy, exploring the degree to which it can explain the concentration of VC funding in the United States over the past 40 years in just two broad areas—information and communication technologies and biotechnology. We conclude by highlighting promising areas of further research.

中文翻译：

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风险投资繁荣和初创企业融资

我们回顾了越来越多的关于风险投资 (VC) 繁荣与创业融资之间关系的文献，重点关注三个广泛领域。首先，我们讨论大量资金流入风险投资资产类别的驱动因素，尤其是近年来，这些因素与宏观经济商业周期和股市波动相关但又有所不同。其次，我们回顾了有关风险投资融资热潮的实际影响的新兴文献。这项工作的一个特别重点是强调繁荣（和萧条）可能对风险投资人选择资助的公司类型和资助条款产生的潜在影响，与投资机会无关——从而塑造了风险投资的轨迹。由初创企业进行的创新。第三，最近研究的一个重要见解是，风险投资融资的繁荣不仅是一种暂时现象，而且还可以从风险投资集中在某些行业和地区的角度来看。我们还回顾了政府政策的作用，探讨了它在多大程度上可以解释过去 40 年来美国风险投资资金集中在两个广泛的领域——信息和通信技术和生物技术。最后，我们强调了有前景的进一步研究领域。探索它在多大程度上可以解释过去 40 年来美国风险投资资金集中在两个广泛的领域——信息和通信技术和生物技术。最后，我们强调了有前景的进一步研究领域。探索它在多大程度上可以解释过去 40 年来美国风险投资资金集中在两个广泛的领域——信息和通信技术和生物技术。最后，我们强调了有前景的进一步研究领域。