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Moderating effect of business environment on the relationship between fiscal science and technology expenditure and venture capital

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  • Bai, Chengyu
  • Zheng, Jun

Abstract

This study examines the nexus between fiscal science and technology (S&T) expenditure and venture capital growth using panel data from 293 prefecture-level cities from 2005 to 2022. Findings reveal that fiscal investments in S&T promote the development of venture capital. Furthermore, favorable business and financial environments positively moderate the stimulatory effect of fiscal S&T expenditure on venture capital. The impact of fiscal S&T expenditure on venture capital varies by region. This study bridges the theoretical gap in understanding the implications of the government's indirect support policies for venture capital and offers a fresh perspective on the dynamics between government and market forces.

Suggested Citation

  • Bai, Chengyu & Zheng, Jun, 2024. "Moderating effect of business environment on the relationship between fiscal science and technology expenditure and venture capital," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    • Handle: RePEc:eee:finana:v:96:y:2024:i:pa:s1057521924005878
    DOI: 10.1016/j.irfa.2024.103655
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