{"title":"产业政策与政府风险投资:来自中国的证据","authors":"Guoqing Ge , Jian Xue , Qian Zhang","doi":"10.1016/j.jcorpfin.2023.102532","DOIUrl":null,"url":null,"abstract":"<div><p>This paper examines the role of governmental venture capital firms (GVCs) in supporting industries endorsed by the government. Specifically, we find that GVCs are more likely to invest in industries targeted by the industrial policy compared to non-GVCs. Further analyses on investment behavior suggest that GVCs make larger investments, invest in earlier rounds, and have longer holding periods in government-endorsed industries compared with non-GVCs. In terms of investment outcome, although GVCs have poorer financial performance while supporting targeted industries, they do play a positive role in promoting corporate innovation. Taken together, this paper provides novel empirical evidence on the important role of GVCs in facilitating the implementation of industrial policies.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":null,"pages":null},"PeriodicalIF":7.2000,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Industrial policy and governmental venture capital: Evidence from China\",\"authors\":\"Guoqing Ge , Jian Xue , Qian Zhang\",\"doi\":\"10.1016/j.jcorpfin.2023.102532\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper examines the role of governmental venture capital firms (GVCs) in supporting industries endorsed by the government. Specifically, we find that GVCs are more likely to invest in industries targeted by the industrial policy compared to non-GVCs. Further analyses on investment behavior suggest that GVCs make larger investments, invest in earlier rounds, and have longer holding periods in government-endorsed industries compared with non-GVCs. In terms of investment outcome, although GVCs have poorer financial performance while supporting targeted industries, they do play a positive role in promoting corporate innovation. Taken together, this paper provides novel empirical evidence on the important role of GVCs in facilitating the implementation of industrial policies.</p></div>\",\"PeriodicalId\":15525,\"journal\":{\"name\":\"Journal of Corporate Finance\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.2000,\"publicationDate\":\"2023-12-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Corporate Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0929119923001815\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Corporate Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0929119923001815","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Industrial policy and governmental venture capital: Evidence from China
This paper examines the role of governmental venture capital firms (GVCs) in supporting industries endorsed by the government. Specifically, we find that GVCs are more likely to invest in industries targeted by the industrial policy compared to non-GVCs. Further analyses on investment behavior suggest that GVCs make larger investments, invest in earlier rounds, and have longer holding periods in government-endorsed industries compared with non-GVCs. In terms of investment outcome, although GVCs have poorer financial performance while supporting targeted industries, they do play a positive role in promoting corporate innovation. Taken together, this paper provides novel empirical evidence on the important role of GVCs in facilitating the implementation of industrial policies.
期刊介绍:
The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.