Overview on the variables used in the regression model
| Type | Variable | Measurement |
|---|---|---|
| Dependent variables | Capital share F | Share of the funding provided by non-Chinese investors |
| Investment share F | Share in the number of investments by non-Chinese investors | |
| Co-investing bias F | Share of co-investments done by non-Chinese vs Chinese investors | |
| Lead preference F | Share of funding rounds lead by non-Chinese vs Chinese investors | |
| Later stage bias F | Average stage invested at by non-Chinese vs Chinese investors | |
| Hub bias F | Share of investments in Beijing, Shanghai + surroundings and Shenzhen by non-Chinese vs Chinese investors | |
| Industry bias F | Share of investments in top 70% industries done by non-Chinese vs Chinese investors | |
| Independent variables | Startup funding | Amount of funding received by Chinese startups |
| R&D spending | Total spending on research and development in China | |
| Policy uncertainty | Uncertainty regarding economic policymaking in China | |
| Shares issued | Number of new shares issued on the Chinese stock exchanges in Shenzhen and Shanghai | |
| NASDAQ | Value of the American NASDAQ composite index at the end of each year |
| Type | Variable | Measurement |
|---|---|---|
| Dependent variables | Capital share F | Share of the funding provided by non-Chinese investors |
| Investment share F | Share in the number of investments by non-Chinese investors | |
| Co-investing bias F | Share of co-investments done by non-Chinese vs Chinese investors | |
| Lead preference F | Share of funding rounds lead by non-Chinese vs Chinese investors | |
| Later stage bias F | Average stage invested at by non-Chinese vs Chinese investors | |
| Hub bias F | Share of investments in Beijing, Shanghai + surroundings and Shenzhen by non-Chinese vs Chinese investors | |
| Industry bias F | Share of investments in top 70% industries done by non-Chinese vs Chinese investors | |
| Independent variables | Startup funding | Amount of funding received by Chinese startups |
| R&D spending | Total spending on research and development in China | |
| Policy uncertainty | Uncertainty regarding economic policymaking in China | |
| Shares issued | Number of new shares issued on the Chinese stock exchanges in Shenzhen and Shanghai | |
| NASDAQ | Value of the American NASDAQ composite index at the end of each year |
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