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Influence of High-tech Industry Policy on Venture Capital Activities

WANG yang1,2(1.School of Economics and Management,Anhui Normal University,Wuhu Anhui 241003,China;2.School of Public Economics and Management,Shanghai University of Finance and Economics,Shanghai 200433,China)  
Policy is the Grainger reason of venture capital scale development,and there is a lag period effect.It can explain more than 20% of the fluctuation of venture capital scale.Policy can influence the demand for venture capital,but the effect is very limited.It can produce immediate effect,and increase the demand of star-ups of high-tech enterprise on venture capital,guiding venture capital of existing scale into the star-ups.But in the long term,there isn't significant influence of policy on demand for venture capital.The reason is that current policy is less from the demand perspective,causing the high cost in using venture capital by enterprise,thus reduceing the financing demand.
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