主讲人介绍：Ting Xu is an Assistant Professor of Finance at the University of Toronto, Rotman School of Management, and a Faculty Research Fellow at the National Bureau of Economic Research. He was previously an Assistant Professor at the University of Virginia, Darden School of Business. His research focuses on entrepreneurial finance, private markets, and labor and productivity. His work has been published in leading academic journals, such as the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics. His research has been cited in news outlets such as the Financial Times, New York Times, Bloomberg, BBC, and NPR, and by regulators at the SEC, FINRA, IFRS, BLS, and US state legislatives. He teaches Fintech and Financial Management to MBA students at Rotman, where he received the Rotman Teaching Award. Ting Xu holds a PhD in Finance from the University of British Columbia.
讲座内容简介：We show that investor patience shapes venture-capital (VC) investment strategies and outcomes. Exploiting a 2014 Chinese reform that opened RMB-denominated VC funds to insurers, we compare treated RMB funds to unaffected USD-denominated funds managed by the same general partner (GP), both of which invest in Chinese startups. Insurer entry reshaped the limited partner (LP) base by displacing shorter-horizon investors. Consequently, treated funds shifted strategy toward longer holding periods and earlier-stage investments, leading to improved portfolio company outcomes in terms of exits and innovation. These effects are not driven by a pure capital supply effect or unobserved market conditions. A randomized survey experiment with Chinese GPs corroborates the mechanism: managers explicitly tailor fund duration and project holding periods to the perceived horizons of their LP base. Our results demonstrate how patient capital impacts the real economy by reshaping financial intermediation.