报告题目：
Exit Disruption and Matching in Venture Capital Markets: Evidence based on IPO Suspensions in China
报告人：
加拿大阿卡迪亚大学（Acadia University）商学院
杨 军 教授
报告时间：2024年10月9日 15:00-17:00
报告地点： 东北大学浑南校区文管学馆B306
报告摘要：
This study investigates the impact of IPO suspensions on the matching relationship between venture capital firms (VCs) and startups in China’s venture capital market. We find that IPO suspensions significantly improve the degree of matching between VCs and startups. This effect is particularly pronounced for lower-quality VCs and startups with limited growth potential. Moreover, the positive impact of IPO suspensions on matching is stronger when VCs are domestic or state-backed, when VCs and startups are located in the same region, or when startups are in the middle or late stages of development. Our analysis reveals that IPO suspensions reduce VCs’ risk-taking behavior and facilitate information exchange in the venture capital market, thereby enhancing the matching process. These findings provide novel evidence on the role of government policy interventions, such as IPO suspensions, in shaping the investment and financing activities of VCs and startups in China’s venture capital market.
报告人简介：
杨军（Jun Yang），加拿大皇后大学金融学博士，加拿大阿卡迪亚大学商学院终身教授。主要研究方向包括：金融风险管理、资产定价、行为金融等。Jun Yang教授曾在Journal of Corporate Finance、Journal of Banking and Finance、Applied Financial Economics、Review of Quantitative Finance and Accounting等国际知名金融学期刊发表论文30余篇，是International Journal of Business and Emerging Markets的客座主编及多个国际学术期刊和会议的评审人。
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