经济政策的不确定性与企业对风险投资基金的投资：来自中国的证据

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research Pub Date : 2024-09-16 DOI:10.1016/j.cjar.2024.100389

Liangyong Wan , Xin Sui , Jing Rao , Lai Deng

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引用次数: 0

摘要

中国风险投资（VC）市场的最新商业实践是，非金融企业作为有限合伙人积极参与风险投资基金。利用手工收集的中国独特数据集，我们发现经济政策的不确定性与企业参与风险投资基金的倾向正相关。横截面检验表明，产业增长机会增强了政策不确定性对参与风险投资基金可能性的积极影响。此外，经济后果检验表明，参与风险投资基金有利于提高投资效率、增加创新绩效和促进产品多样化。本研究加深了我们对经济政策不确定性下企业投资决策和风险投资行业发展的理解。

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Economic policy uncertainty and firms’ investments in venture capital funds: Evidence from China

The latest business practice in the Chinese venture capital (VC) market involves the active participation of non-financial firms, as limited partners, in VC funds. Exploiting a unique hand-collected dataset from China, we find that economic policy uncertainty is positively related to the propensity of firms to participate in VC funds. Cross-sectional tests show that the positive effect of policy uncertainty on the likelihood of participating in VC funds is enhanced by industrial growth opportunities. Furthermore, economic consequence tests show that participating in VC funds is conducive to improving investment efficiency, increasing innovation performance and promoting product diversification. This study advances our understanding of firms’ investment decisions and the VC industry development amid economic policy uncertainty.

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来源期刊

China Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

4.70

自引率

0.00%

发文量

295

审稿时长

15 weeks

期刊介绍： The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.