Political ties and VC exits: Evidence from China

被引：15

作者：

Anderson, Hamish D. ^{[1
]}

Chi, Jing ^{[1
]}

Wang, Qing ^{[1
]}

机构：

[1] Massey Univ, Sch Econ & Finance, Manawatu Campus,Private Bag 11-222, Palmerston North 4442, New Zealand

来源：

CHINA ECONOMIC REVIEW | 2017年 / 44卷

关键词：

Venture capital exits; Political ties; Institutions; Transitional economy; China; EARNINGS MANAGEMENT; IPO FIRMS; VENTURE; CONNECTIONS; PERFORMANCE; GOVERNMENT; INSTITUTIONS; NETWORKS; SYNDICATION; REPUTATION;

D O I：

10.1016/j.chieco.2017.03.007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine whether political ties (PTs) benefit VCs in China and find a positive relationship between PTs and successful VC exits. Our findings indicate that PTs are crucial for VCs to exit via Chinese mainland stock markets and M&As. The impact of PTs depends on the nature and compositions of PTs. We document that VCs with management-level PTs enjoy greater success than those with ownership-level PTs, whereas no significant difference between central and local government PTs on VC exits. Our results remain stable after controlling for selection bias, alternative measures for VC exits, and legal and institutional differences across regions. (C) 2017 Elsevier Inc. All rights reserved.

引用

页码：48 / 66

页数：19

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