How Does Policy Uncertainty Affect Venture Capital?
利用美国州长选举带来的政策不确定性变化，发现政策不确定性会抑制风险投资，尤其当投资流动性差时更明显，但风险投资的战略动机、投后监控等特征能缓解这一影响。
Abstract This paper examines the effect of policy uncertainty on venture capital (VC) investment. Relying on plausibly exogenous variation in policy uncertainty caused by closely contested U.S. gubernatorial elections, we find that policy uncertainty negatively affects VC investment. The effect is more pronounced if VC investment is subject to higher illiquidity. However, some distinctive features of VCs (strategic motives, intensive post-investment monitoring, and preferences for early-stage and high-tech ventures) mitigate the effect of policy uncertainty, distinguishing the effect of policy uncertainty on VC investments (in private markets) from that in public markets. Our findings shed new light on the real effects of policy uncertainty in private markets.