创 投 简 报
2002年第15期 总第15期

2002年9月24日 北京创业投资协会

编者按：受NVCA委托，美国著名经济咨询机构DRI-WEFA对全球16000多家创业投资机构进行了调查分析，他们在以此调查数据为基础的研究报告中明确提出，应将创业投资作为推动美国经济发展的主要手段。中国的创业投资事业发展正处于一个关键历史时期，现在最重要的是要在民间推动和政府工作之间形成一股合力，从近年来的情况看，在努力程度上民间高于政府，地方高于中央，而政府和中央之所以在创业投资的环境的创造方面有滞后倾向，根子还是认识高度不够，美国的这份研究报告从多个视角定义了创业投资对一国经济发展的贡献度，值得借鉴。本文特编发了该报告原文资料，供参阅。(因涉及版权，资料仅限会员单位内部传阅。)

创业投资与经济成长

　　　[中文摘要]研究报告指出，逾千家接受过创业资本支持的公司的运作实践证明，创业资本是推动美国经济成长的最强劲动力之一。创业投资不仅是高新技术发展的源泉，还是美国经济众多传统行业改革创新的动力，创业投资的贡献在对决定国家经济活力诸因素的影响上表现得尤为突出，如R&D支出、新行业的诞生、就业的增长等等。该研究报告从（1）创业投资能够刺激GDP增长，创造就业机会；（2）创业资本支持的公司在销售、税收、出口、R&D 投入等方面的表现远远优于非创业资本支持的公司；（3）创业资本支持经济发展各个领域的创新活动；（4）创业资本有助于催生新的"行业群"；（5）创业投资有利于培育和推动地区经济的增长等几个方面进行了详细的阐述。

DRI-WEFA Study Identifies Venture Capital as a Key Factor Powering U.S. Economic Growth Dollar for Dollar, VC-Backed Companies Have More Than Twice The Economic Impact As The Average Non VC-Backed Public Company; Contribute Disproportionately to Revenue Growth, Tax Receipts, Exports and R&D Washington, DC, June 26, 2002--Venture capital, through the operation of thousands of companies that have received venture financing, is one of the most powerful growth engines of the U.S. economy, DRI-WEFA, one of the world's leading economic consulting firms, revealed today. Reflecting its analysis of the universe of all venture capital-financed companies over the period 1970-2000, DRI-WEFA said that venture capital-backed companies had approximately twice the sales, paid almost three times the federal taxes, generated almost twice the exports, and invested almost three times as much in R&D as the average non-venture capital-backed public company, per each $1,000 of assets. The study also showed that in addition to its well-understood role as the lifeblood for high technology advances, venture capital financing was responsible for innovation across a broad swath of the U.S. economy, including biotechnology, consumer products, retailing, construction, transportation, industrial, financial services and forestry. "We knew that venture capital was a significant factor in the growth of U.S. economy, but we were unprepared for the extent to which it is the 'special sauce' for growth," said Andrew Hodge, Group Managing Director of DRI-WEFA. "The study shows that the impact of venture capital is extraordinary in terms of the contributions of VC-backed companies to many determinants of the nation's economic vitality including R&D spending, new industry creation, tax revenues, and job growth, especially high skilled jobs." The economic data released today includes the results of the third and final phase of a DRI-WEFA study commissioned by the National Venture Capital Association. The earlier findings, which were released in 2001, showed that 11 percent of US GDP and one-out-of-every nine jobs in 2000 was generated by an originally venture-backed enterprise. The DRI-WEFA data will be released at a Capitol Hill program sponsored by the Congressional Economic Leadership Institute. Representative Anna Eshoo (D-Palo Alto, CA) who will participate at the event, remarked: "At a time when Americans are concerned about the nation's economic recovery, understanding the key sources of economic growth has never been more important. This study shows that venture capital is one of the key ingredients to fuel our economic engine, one that differentiates us from other developed economies whose job creation has not kept pace with ours. We must do everything possible to foster an environment where this type of risk-tolerant, growth-oriented investment continues to thrive." Venture Capital Boosts GDP and Creates Jobs As reported last year, venture capital-funded companies contributed nearly $1.1 trillion to GDP and directly accounted for 12.5 million jobs in 2000. More than half of these jobs were in the manufacturing and retail sectors. If supporting businesses that deliver goods and services to these venture-backed companies were also included in the total, the jobs number increases by a multiplier of 2.2, translating to 27 million jobs, a staggering percentage of total US employment. VC-Backed Companies Outperform Non-Venture-backed Companies In addition to generating jobs and revenues, companies that were originally venture-backed outperformed other public companies on a relative basis across a number of economic measures. For every $1,000 in assets, between 1980 and 2000 venture-backed companies generated more sales, paid more taxes, produced more exports and invested more in research and development. Contribution per $1000 in assets between 1980 and 2000 Sales Federal Taxes Exports R&D VC-BackedCompanies $634 $14 $138 $44 All Public ompanies $391 $ 5 $ 72 $15 Source: DRI-WEFA In 2000, originally venture-backed companies paid $58.8 billion in federal taxes, exported goods and services worth $21.7 billion and spent $157.3 billion on research and development. Mark Heesen, President of the National Venture Capital Association offered insight as to why venture-backed companies outperform the market in terms of contribution. "The corporate culture at a venture-backed company is an energized culture in which management is intensely committed to the success of the organization," said Heesen. "Further, the involvement of a venture capitalist in the early stages of the company sets a level of discipline that does well by the company in future years. These factors, combined with a commitment to R&D and breakthrough innovation, gives the venture-backed organizations that make it to the public markets an edge." Venture Capital Supports Innovation Across The Board Venture capital played a key role in funding technological progress, investing $192 billion in the high tech industry from 1995-2000. During this time, venture capital investment rose substantially in communications, computer software and services, and online specific sectors. Yet, a great deal of innovation was fostered by venture capital across a diverse set of industry sectors. Originally venture-backed companies such as Boise Cascade, Costco, Fischer Scientific, and Mellon Financial Corporation generated patents and innovative business processes in the forestry, retail sales, transportation, biotechnology and financial services sectors respectively. Venture capital also has contributed to improving the quality of life for many Americans by investing in the medical / health sector. Medtronic, the company to develop the first implantable pacemaker, was an originally venture-backed company. Venture Capital Helps Create "Industry Clusters" The DRI-WEFA study also revealed that venture capital played a significant role in the creation of industry clusters. By funding the leading company within an emerging cluster, venture capital fosters a concentration of expertise and talent in that entity. When employees inevitably branch out to form their own businesses, a cluster of similar businesses with distinctive experience emerges. Examples of these clusters include:

Source: DRI-WEFA and Venture Economics * Indicates the state also falls within the top 20 for GSP per capita. Robert Grady, Managing Partner of Carlyle Venture Partners, a part of The Carlyle Group, who will be speaking at the CELI event, remarked, "The availability of risk capital has been one of the single most important factors driving the strong performance of the U.S. economy over the past two decades--both nationally and in specific regions. Northern California and northern Virginia are examples of regions that have experienced very strong growth because of the investment that has been made in young companies. Keeping the environment conducive to more investment should be top of mind for both the national and local governments." Venture Capital is An Ally of "Job Churn" The study asserts that venture capital nurtures the most dynamic sectors of the economy, creating highly skilled jobs in emerging industries. This contribution supports the process of "creative destruction‰, a phenomenon in which market economies continually renew themselves by the churning of jobs and businesses throughout industry sectors. While this phenomenon fosters growth and innovation and raises the standard of living for the country, it has also resulted in a mismatch of skills between employees being released from declining sectors and those needed in faster growing ones. Consequently, employment bottlenecks are occurring as highly skilled sectors grow faster than the available workforce. This challenge is known as bottle necking. To address this issue, the venture capital community has long been a proponent of job re-training and education reform.