新时代的产业政策：中美贸易战中的政府风险投资

IF 4.6 1区经济学 Q1 ECONOMICS

Journal of Development Economics Pub Date : 2025-08-15 DOI:10.1016/j.jdeveco.2025.103599

Y. Joy Chen , Robin Kaiji Gong , Jinlin Li

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引用次数: 0

摘要

政府风险投资是中国产业政策框架的核心组成部分。本研究记录了地缘政治紧张局势下政府风险投资的一个新特征：在2018-2019年中美贸易战期间，政府风险投资基金维持了对美国关税目标制造业的投资，而私人资本则全面撤出。这种持续性对创业公司的融资和创新具有重要意义。受到关税冲击严重影响的初创公司(1)更有可能获得政府风险投资的后续融资，特别是如果他们有更强的创新记录；(2)如果他们所在的地方有更高的政府风险投资活动，他们就会获得更多的专利。综上所述，这些研究结果表明，政府风险投资作为一种新兴的产业政策工具，有助于支撑中国高科技产业在面对地缘政治风险时的弹性。

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Industrial policy in a new era: Government venture capital in the US–China trade war

Government venture capital (VC) is a core component of China’s industrial policy framework. This study documents a novel feature of government VC under geopolitical tensions: During the 2018–2019 US–China trade war, government VC funds sustained their investments in manufacturing industries targeted by the U.S. tariffs, in contrast to an overall withdrawal of private capital. This persistence had important implications for startup financing and innovation. Startups heavily exposed to tariff shocks (1) were more likely to secure follow-on financing from government VC, especially if they had stronger innovation track records and (2) produced more patents if their localities had higher ex ante government VC activity. Collectively, these findings suggest that government VC, as an emerging instrument of industrial policy, helped underpin the resilience of China’s high-tech industries in the face of geopolitical risks.

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来源期刊

Journal of Development Economics ECONOMICS-

CiteScore

8.30

自引率

4.00%

发文量

126

审稿时长

72 days

期刊介绍： The Journal of Development Economics publishes papers relating to all aspects of economic development - from immediate policy concerns to structural problems of underdevelopment. The emphasis is on quantitative or analytical work, which is relevant as well as intellectually stimulating.