Investing From the Heart: The Influence of Home Country Political Sentiment on Cross-Border Venture Capital Investment
研究了母国政治情绪如何影响跨境风险投资金额，基于2000-2021年中国风险投资数据，发现政治情绪有正向作用，且政府背景风险投资和关联风险投资会增强该效应，而管理团队教育水平和东道国经验则削弱该效应。
Abstract Extant studies on cross-border venture capital (VC) investment predominantly focus on how country-level formal institutions impact the flow of VCs across borders, but the potential role of country-level sentiments in this process has received less attention. Drawing upon the trust literature, we explore how home country political sentiment affects cross-border VC investment. Using data on Chinese VCs’ cross-border investments from 2000 to 2021, we find that home country political sentiment positively affects the amount of cross-border VC investment. Government VC (GVC) and connected VC (through sentiment transmission) positively, while investor managerial team education and investor host country experience (through sentiment suppression) negatively, moderate the influence of home country political sentiment.