Industrial Structure,Culture and the Investment Stage Choice Behavior of Venture Capital
Wang Yang1,2
1.School of Economics and Management,Anhui Normal University,Wuhu 241002,China; 2.School of Public Economics and Management,Shanghai University of Finance and Economic,Shanghai 200433,China
Abstract：Based on provincial panel data from 2005 to 2012,the paper tested influence of industrial structure and culture to investment stage choice of venture capital.The results of static and dynamic models show that the stronger the industrial enterprise profit ability and the second industry more developed or position more important,the more unfavorable to early stages venture capital investment.The results also show that the stronger the population mobility and the lower degree of risk aversion,the more favorable to early stage venture capital investment.In the meantime,stage choice of venture capital is affected by the law of development
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