| At the important turning point of China’s economy from high-speed development to highquality development,venture capital,as one of the main sources of enterprise growth chain,plays an important financial supplementary role in the development of China’s high-tech enterprises.However,with the deepening of economic transformation and the intensification of economic policy uncertainty,the investment behavior of Venture capital institutions in China has been affected to a certain extent.Therefore,the study of the impact of economic policy uncertainty on the investment behavior of venture capital institutions will play a guiding role in developing venture capital and promoting the development of innovative industrial structure in emerging transition economies such as China.Based on the "uncertainty about economic policy impact on risk investment institutions investment behavior performance,rational uncertainty about economic policy,a reasonable response to the impact of the economic policy uncertainty" for the purpose,follow the "review analysis theoretical framework-the status quo analysis,empirical analysis and countermeasures" research train of thought,fully integrate theory with practice,For policy makers and venture capital institutions.Firstly,by analyzing the similarities and differences between venture capital institutions and general enterprises,this paper summarizes the characteristics of venture capital behavior from four dimensions: investment scale,investment stage,investment industry and investment region.Under this four-dimensional framework,this paper summarizes four basic theories of economic policy uncertainty affecting the investment behavior of venture capital institutions.In addition,by combining the policy environment changes of venture capital market,this paper finds that the number of venture capital institutions and the total amount of managed capital in China continue to grow,but the growth rate slows down.The investment stage,investment industry and investment region are diversified,among which the investment focus tends to be concentrated,but the distribution within the same concentration degree is more and more balanced.It also analyzes the investment behavior characteristics of venture capital institutions from four dimensions in China.Then,based on the solid theoretical basis and practical demonstration,this paper uses the double fixed effect model to empirically test the data of 6561 investment events of 1666 venture capital institutions in China’s venture capital market from1997 to 2019.By constructing empirical models of the impact of economic policy uncertainty on investment scale,investment stage,investment industry and investment region,respectively.By using the double fixed effect model and panel quantile model,this paper proves that economic policy uncertainty is not only a "challenge",but also an "opportunity" for Chinese venture capital institutions.Under this basic cognition,this paper further using the panel quantile model was investigated to the change of influence,the study found: and,economic policy uncertainty on risk investment institutions will also influence the investment behavior of the institutions themselves to the change of investment mode,excellent state of the original investment institutions less affected by economic policy uncertainty.Finally,based on the above theoretical analysis,practical investigation and empirical comprehensive analysis,this paper puts forward relevant policy suggestions from the three levels of market,policy and investment institutions,and puts forward three policy suggestions.In order to realize the rational treatment of economic policy uncertainty in China’s venture capital market,To improve the efficient and healthy development of China’s venture capital industry and promote the healthy and orderly development of the venture capital industry in the long run gives some enlightenment and meaningful thinking. |
