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With the intensification of economic policy uncertainty, VC investment behavior has been affected to a certain extent. Under the framework of the impact of economic policy uncertainty (EPU) on general corporate investment behavior, this article examines the impact of EPU on the investment behavior of VC institutions from four aspects, namely, investment quantity, investment phase, investment industry, and investment region. The study finds that in China, EPU has a good news effect, and its intensification can boost the investment quantity of VC institutions and stimulate institutions to choose more specialized investment strategies in terms of investment phase, investment industry, and investment region. The impact of EPU on the investment behavior of VC institutions changes with the investment state of the institutions. The larger the investment quantity of the VC institutions, the greater the promotion effect. VC institutions with a higher degree of investment concentration will pay more attention to specialized investment strategies.<\/jats:p>","DOI":"10.1155\/2022\/2528464","type":"journal-article","created":{"date-parts":[[2022,8,17]],"date-time":"2022-08-17T16:20:06Z","timestamp":1660753206000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":5,"title":["Effects of Economic Policy Uncertainty on the Investment Behavior of Venture Capital Institutions: Evidence from China"],"prefix":"10.1155","volume":"2022","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-3670-5996","authenticated-orcid":false,"given":"Shiwei","family":"Yi","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9418-8643","authenticated-orcid":false,"given":"Yifan","family":"Liao","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9578-3137","authenticated-orcid":false,"given":"Qiang","family":"Zhang","sequence":"additional","affiliation":[]}],"member":"311","published-online":{"date-parts":[[2022,8,17]]},"reference":[{"key":"e_1_2_9_1_2","doi-asserted-by":"publisher","DOI":"10.1257\/jep.15.2.145"},{"key":"e_1_2_9_2_2","doi-asserted-by":"publisher","DOI":"10.1111\/1540-6261.00419"},{"key":"e_1_2_9_3_2","volume-title":"Risk, Uncertainty and Profit","author":"Knight Frank H.","year":"1921"},{"key":"e_1_2_9_4_2","volume-title":"Dynamic Efficiency and Path Dependencies in Venture Capital Markets","author":"Schertler A.","year":"2003"},{"key":"e_1_2_9_5_2","doi-asserted-by":"publisher","DOI":"10.1177\/0002764215580612"},{"key":"e_1_2_9_6_2","doi-asserted-by":"publisher","DOI":"10.2307\/1909571"},{"key":"e_1_2_9_7_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.chieco.2019.101367"},{"key":"e_1_2_9_8_2","first-page":"523","article-title":"Policy uncertainty and corporate investment","volume":"29","author":"Gulen H.","year":"2016","journal-title":"Review of Financial Studies"},{"key":"e_1_2_9_9_2","doi-asserted-by":"publisher","DOI":"10.1017\/s0022109017000540"},{"key":"e_1_2_9_10_2","doi-asserted-by":"publisher","DOI":"10.1007\/s00170-010-2767-3"},{"key":"e_1_2_9_11_2","doi-asserted-by":"publisher","DOI":"10.1016\/0883-9026(92)90012-g"},{"key":"e_1_2_9_12_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2012.07.002"},{"key":"e_1_2_9_13_2","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjw024"},{"key":"e_1_2_9_14_2","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0106.12283"},{"key":"e_1_2_9_15_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ememar.2017.08.001"},{"key":"e_1_2_9_16_2","article-title":"The influences of economic policy uncertainty on the preference of enterprise investment structure: evidence from China EPU index[J]","volume":"32","author":"Guangwei X.","year":"2020","journal-title":"Management Review"},{"key":"e_1_2_9_17_2","doi-asserted-by":"publisher","DOI":"10.1108\/IJOEM-05-2020-0492"},{"key":"e_1_2_9_18_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.tourman.2019.104019"},{"key":"e_1_2_9_19_2","doi-asserted-by":"publisher","DOI":"10.5089\/9781513539935.001"},{"key":"e_1_2_9_20_2","doi-asserted-by":"publisher","DOI":"10.1111\/acfi.12338"},{"key":"e_1_2_9_21_2","doi-asserted-by":"publisher","DOI":"10.2307\/1885568"},{"key":"e_1_2_9_22_2","doi-asserted-by":"publisher","DOI":"10.2307\/1884175"},{"key":"e_1_2_9_23_2","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937x.2007.00426.x"},{"key":"e_1_2_9_24_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2020.101671"},{"key":"e_1_2_9_25_2","doi-asserted-by":"publisher","DOI":"10.1016\/0014-2921(92)90088-e"},{"key":"e_1_2_9_26_2","article-title":"Irreversible investment, capacity choice, and the value of the firm","volume":"78","author":"Pindyck R. 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