| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30161 |
| 来源ID | Working Paper 30161 |
| Investing with the Government: A Field Experiment in China | |
| Emanuele Colonnelli; Bo Li; Ernest Liu | |
| 发表日期 | 2022-06-20 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study the demand for government participation in China’s venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both sides of the market: the capital investors and the private firms managing the invested capital by deploying it to high-growth entrepreneurs. Our respondents together account for nearly $1 trillion in assets under management. Each respondent evaluates synthetic profiles of potential investment partners, whose characteristics we randomize, under the real-stakes incentive that they will be introduced to real partners matching their preferences. Our main result is that the average firm dislikes investors with government ties, indicating that the benefits of political connections are small compared to the cons of having the government as an investor. We show that such dislike is not present with government-owned firms, and this dislike is highest with best-performing firms. Additional results and follow-up surveys suggest political interference in decision-making is the leading mechanism why government capital is unattractive to private firms. We feed our experimental estimates and administrative data into a simple model of two-sided search to discuss the distributional effects of government participation. Overall, our findings point to a “grabbing hand” interpretation of state-firm relationships reflecting a desire by the government to keep control over the private sector. |
| 主题 | Econometrics ; Experimental Design ; Microeconomics ; Households and Firms ; Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance ; Behavioral Finance ; Development and Growth ; Development ; Innovation and R& ; D ; Growth and Productivity |
| URL | https://www.nber.org/papers/w30161 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587835 |
| 推荐引用方式 GB/T 7714 | Emanuele Colonnelli,Bo Li,Ernest Liu. Investing with the Government: A Field Experiment in China. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w30161.pdf（1300KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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