Investing with the Government: A Field Experiment in China

• 成果类型: Article
• 署名作者: Colonnelli, Emanuele; Li, Bo; Liu, Ernest
• 署名单位: National Bureau of Economic Research; University of Chicago; Center for Economic & Policy Research (CEPR); Peking University; Princeton University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/726237
• 发表日期: 2024
• 页码: 248-294
• 关键词: private equity; OWNERSHIP; finance; MARKET; state; INNOVATION; networks; policies; REFORM; FIRMS

摘要

We conduct a large-scale, nondeceptive field experiment to elicit preferences for government participation in China's venture capital and private equity market. Our main result is that the average firm dislikes investors with government ties. We show that such dislike is not present with government-owned firms and that this dislike is highest with best-performing firms. Additional results and surveys suggest that political interference in decision-making is the leading reason why government investors are unattractive to private firms. Overall, our findings point to the limits of a model of state capitalism that strongly relies on the complementarity between private firms and government capital to drive high-growth entrepreneurship and innovation.