本地投资还是远程投资?COVID-19封锁和风险投资

Pengfei Han, Chunrui Liu, X. Tian
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引用次数: 2

摘要

我们利用中国不同地区因新冠肺炎疫情而错开和解除的封城措施,研究封城如何影响风险投资投资者的投资决策,以及这种变化是暂时的还是永久性的。中国提供了一个独特的环境,使我们能够在疫情得到控制和封锁解除后审查风险投资决策。与传统观点相反,风险投资倾向于在封锁期间投资本地企业,我们发现他们在封锁期间投资远程企业,即使在封锁解除后,这种影响仍然存在。当互联网基础设施较好、风投和企业家之间的信息不对称程度较低、风投经验更丰富、企业处于发展初期时,这种锁定效应会更强。这种封锁效应可以用远程通信技术的进步来解释,作为对社交距离要求的回应。由于风险资本投资于远程企业,企业获得风险资本融资的区域不平等已经减少。我们的研究结果揭示了风险投资者如何适应大流行,以及这种变化在大流行后时代可能产生的长期影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Invest Local or Remote? COVID-19 Lockdowns and Venture Capital Investment
Exploiting the staggered introductions and lifting of COVID-19 lockdowns across different regions in China, we study how lockdowns affect the investment decisions of venture capital (VC) investors and whether such changes are temporary or permanent. China provides a unique setting that allows us to examine VC investment decisions after the pandemic is under control and lockdowns are lifted. Contrary to the conventional wisdom that VCs tend to invest in local ventures during lockdowns, we find that they invest in remote ventures during lockdowns and such effects persist even after lockdowns are lifted. Such lockdown effects are stronger when there is better internet infrastructure, when the level of information asymmetry between VCs and entrepreneurs is lower, when VCs are more experienced, and when ventures are in the early stages of development. The lockdown effects can be explained by the advancement of remote communication technology as a response to the social distancing requirements. As VCs invest in remote ventures, the regional inequality of entrepreneurial access to VC financing has been reduced. Our findings uncover how VC investors adapt to the pandemic and such changes can have long-lasting effects in the post-pandemic era.
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