文献类型：期刊文献

英文题名：Geographical distance, investment strategies and performance of venture capital: evidence from Chinese enterprises

作者：Wang, Jiaoe[1,2];Liu, Fengyuan[3];Li, Jianjun[4];Du, Delin[1];Wu, Jiafan[4]

机构：[1]Chinese Acad Sci, Inst Geog Sci & Nat Resources Res, Key Lab Reg Sustainable Dev Modeling, Beijing, Peoples R China;[2]Univ Chinese Acad Sci, Coll Resources & Environm, Beijing, Peoples R China;[3]East China Univ Polit Sci & Law, Int Sch Law & Finance, Shanghai, Peoples R China;[4]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China

年份：2025

卷号：20

期号：1

起止页码：8

外文期刊名：SPATIAL ECONOMIC ANALYSIS

收录：;WOS:【SSCI(收录号:WOS:001215039900001)】；

基金：This study was financially supported by National Key Research and Development Program of China (Grant No. 2023YFB3906801).

语种：英文

外文关键词：Geographical distance; venture capital investment; performance; venture capital firms; invested entrepreneurial firm; G24; R12

摘要：A growing body of evidence suggests that geographical distance plays an important role for venture capital (VC) investment. This study explores whether and how the geographical distance between the lead VC firms (VCFs) and the invested entrepreneurial firms (IEFs) influences the investment strategies of VCFs and their performance. The results show: (1) The geographical distance has a significant positive effect on the performance of VC investments. (2) As distance increases, lead VCFs will tend to be conservative on investments by improving project screening criteria and adopting syndication strategies and multiple-rounds of staged financing, which can dramatically improve the successful exit from the invested projects. This study has useful theory and policy implications for VCFs, entrepreneurial firms and local governments.