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

作　　者：Liangyong Wan Xin Sui Jing Rao Lai Deng 

机构地区：[1]School of Business Administration,South China University of Technology,Guangzhou,China [2]School of Management,Guangdong University of Technology,Guangzhou,China

出　　处：《China Journal of Accounting Research》2024年第4期190-206,共17页中国会计学刊（英文版）

基　　金：supported by the National Natural Science Foundation of China[grant number 71972076];the Guangdong Philosophy and Social Science Foundation[grant number GD23SJZ06];the National Social Science Fund of China[grant number 22BGL075].

摘　　要：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.

关 键 词：Economic policy uncertainty Venture capital Investment decision Limited partner 

分 类 号：F120[经济管理—世界经济] F832.51F272.91