媒体对创业公司和风险投资的报道

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-06-09 DOI:10.1016/j.ememar.2025.101326

Xiangyi Zhou , Fang Zheng , Sheng Xiao

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引用次数: 0

摘要

我们利用2000年至2016年间中国各行各业5000多家初创企业和524家媒体的大样本，研究了媒体对初创企业的报道对风险投资决策和绩效的影响。据我们所知，在金融文献中，我们首次发现媒体对创业公司的报道显著影响风险投资决策和退出绩效。具体来说，这样的报道，尤其是正面报道，显著增加了创业公司获得VC投资的概率和数量。这也显著提高了风险投资的退出绩效。媒体对创业公司的报道对风险投资的显著影响是由市场导向的媒体而不是国家控制的媒体造成的。我们进一步发现，焦点创业公司的风险投资显著受到同一行业或同一城市其他创业公司的平均媒体报道的影响。我们的结果经过一系列稳健性测试是稳健性的。

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Media coverage of startups and venture capital investments

Using a large sample of over 5000 startups across various industries and 524 media outlets in China between 2000 and 2016, we examine the effects of media coverage of startups on Venture Capital (VC) investment decisions and performance. To the best of our knowledge, for the first time in finance literature, we have discovered that media coverage of startups significantly affects VC investment decisions and exit performance. Specifically, such coverage, especially positive coverage, significantly increases the probability and amount of VC investments in startups. It also significantly improves the exit performance of VC investments. The significant effects of media coverage of startups on VC investments are caused by market-oriented instead of state-controlled media. We further find that VC investments in a focal startup are significantly influenced by the average media coverage of other startups in the same industry or the same city. Our results are robust to a battery of robustness tests.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.