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Using a sample of 1,439 domestic VCs\u2019 first-round domestic investment events collected by Crunchbase and PEDATA, we find that the more cross-border investment experience domestic VCs have, the more likely their domestic portfolio companies are to go public outside China. The findings remain robust after using the instrumental variable method to eliminate endogeneity, the Heckman two-stage regression method to eliminate sample selection bias, and the exclusion of a portion of the sample for reregression. In addition, we further find that foreign VCs participating in follow-on financing play a mediating role in the relationship between the cross-border investments of domestic VCs and the overseas listings of their portfolio companies. This paper reveals the critical path for domestic VCs to go out and bring in foreign VCs to promote overseas listings of domestic firms. The findings of this paper are critical to the layout of domestic VCs\u2019 internationalization strategy and the sustainable development of domestic firms.<\/jats:p>","DOI":"10.1155\/2023\/4496136","type":"journal-article","created":{"date-parts":[[2023,7,27]],"date-time":"2023-07-27T17:36:46Z","timestamp":1690479406000},"page":"1-18","source":"Crossref","is-referenced-by-count":0,"title":["Follow Me Going Out: Cross-Border Investment of Domestic Venture Capital and Overseas Listing of Portfolio Companies"],"prefix":"10.1155","volume":"2023","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-8118-0776","authenticated-orcid":true,"given":"Junyue","family":"Yu","sequence":"first","affiliation":[{"name":"Personal Finance Department, Yunnan Rural Credit Union, Kunming 650100, China"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1823-9194","authenticated-orcid":true,"given":"Han","family":"Wang","sequence":"additional","affiliation":[{"name":"School of Business, Xi\u2019an University of Finance and Economics, Xi\u2019an 710100, China"}]},{"ORCID":"https:\/\/orcid.org\/0009-0000-2744-0629","authenticated-orcid":true,"given":"Bing","family":"Feng","sequence":"additional","affiliation":[{"name":"School of Management, Yulin University, Yulin 719000, China"}]}],"member":"311","reference":[{"key":"1","doi-asserted-by":"publisher","DOI":"10.1016\/s0883-9026(96)00052-3"},{"key":"2","doi-asserted-by":"publisher","DOI":"10.1016\/s0304-405x(97)00045-7"},{"key":"3","doi-asserted-by":"publisher","DOI":"10.1007\/s11187-011-9383-y"},{"key":"4","doi-asserted-by":"publisher","DOI":"10.1016\/j.habitatint.2019.102105"},{"key":"5","doi-asserted-by":"publisher","DOI":"10.1111\/1468-5957.00201"},{"key":"6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jempfin.2009.11.001"},{"key":"7","doi-asserted-by":"publisher","DOI":"10.1086\/321301"},{"key":"8","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6520.2006.00121.x"},{"key":"9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbusvent.2009.06.003"},{"key":"10","doi-asserted-by":"publisher","DOI":"10.1016\/j.ibusrev.2010.07.009"},{"key":"11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbusvent.2016.07.002"},{"key":"12","doi-asserted-by":"publisher","DOI":"10.1057\/jibs.2013.22"},{"key":"13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2017.10.015"},{"article-title":"Follow the money: how venture capital facilitates emigration of firms and entrepreneurs in europe","year":"2020","author":"R. 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