Navigating corporate venture capital: the role of industrial policy in China

This paper focused on Chinese data from 2006 to 2020 and explored the relationship between different industrial policies and corporate venture capital (CVC). The main result of this work was that only enterprises supported by provincial industrial policies are able to attract CVCs’ investments and demonstrated that the implementation of provincial industrial policies enhances regional entrepreneurial activity that investees located in, thereby affecting CVCs' investments. In addition, this paper further found that this phenomenon of provincial industrial policies’ derivative effects particularly happened in the central and eastern regions of China and the investees when conducting Series A and Series B financing.