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![]() 产业政策与政府风险投资:来自中国的证据
相关领域
风险投资
政府(语言学)
中国
投资(军事)
业务
经验证据
产业政策
首都(建筑)
经济
市场经济
财务
国际贸易
政治学
政治
哲学
认识论
历史
考古
法学
语言学
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其它 | abstract:This paper examines the role of governmental venture capital firms (GVCs) in supporting industries endorsed by the government. Specifically, we find that GVCs are more likely to invest irindustries targeted by the industrial policy compared to non-GVCs, Further analyses on investment behavior suggest that GVCs make larger investments, invest in earlier rounds, and havelonger holding periods in government.endorsed industries compared with non-GVCs. In terms oinvestment outcome, although GVCs have poorer financial performance while supporting targeted industries, they do play a positive role in promoting corporate innovation. Taken togetherthis paper provides novel empirical evidence on the important role of GVCs in facilitating theimplementation of industrial policies. |
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