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发布日期:2022-11-14 09:26    来源:

Coming to Rescue or Going to Waste? Government Venture Capital in the U.S.-China Trade War (Joy Chen, Robin K. Gong and Jinlin Li)



摘要:Based on a novel dataset of venture capital (VC) funds and startups in China, we study the role of government-funded VCs (GVCs) in supporting entrepreneurship during the U.S.-China trade war. Employing a difference-in-differences strategy, the trade war substantially reduced the likelihood of independent venture capital (IVC) funds investing in industries with higher trade war exposure, but had little impact on GVCs. GVCs' investment behavior is likely driven by policy initiatives rather than differences in expertise or investment and exit opportunities, as technology-intensive companies under heightened trade war exposure were more likely to receive follow-on financing from GVCs. Companies located in prefectures with a higher density of GVC activities filed more patents in response to the trade war shocks, suggesting that a more active presence of GVCs in the local economy results in a "compete-for-financing" effect that mitigates the problem of underinvestment in innovation during market downturns. Meanwhile, we find limited evidence of misallocations in GVC investments or adverse selection of startups seeking GVC financing in the short-term.

主讲人介绍:陈雨新 现担任长江商学院经济学助理教授,于2019年获得斯坦福大学经济学博士学位,曾在北京大学斯坦福中心担任研究员,研究领域是经济史、政治经济学和制度经济学。