How Does Policy Uncertainty Affect Venture Capital?

被引：1

作者：

Tian, Xuan ^{[1
]}

Wang, Yichu ^{[2
]}

Ye, Kailei ^{[3
]}

机构：

[1] Tsinghua Univ, PBC Sch Finance, Beijing, Peoples R China

[2] Univ Nottingham Ningbo China, Nottingham Univ Business Sch China, Ningbo, Peoples R China

[3] Univ North Carolina Chapel Hill, Kenan Flagler Business Sch, Chapel Hill, NC USA

来源：

REVIEW OF CORPORATE FINANCE STUDIES | 2023年

关键词：

POLITICAL UNCERTAINTY; INVESTMENT; GOVERNMENT; GUBERNATORIAL; INNOVATION; IMPACT;

D O I：

10.1093/rcfs/cfad023

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the effect of policy uncertainty on venture capital (VC) investment. Relying on plausibly exogenous variation in policy uncertainty caused by closely contested U.S. gubernatorial elections, we find that policy uncertainty negatively affects VC investment. The effect is more pronounced if VC investment is subject to higher illiquidity. However, some distinctive features of VCs (strategic motives, intensive post-investment monitoring, and preferences for early-stage and high-tech ventures) mitigate the effect of policy uncertainty, distinguishing the effect of policy uncertainty on VC investments (in private markets) from that in public markets. Our findings shed new light on the real effects of policy uncertainty in private markets. (JEL G24, D81, M13)Received: June 17, 2020; Editorial decision: June 27, 2023 by Editor: Andrew Ellul

引用

页数：43

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