We assess the effect of the COVID-19 pandemic on venture capital (VC) investments, documenting a significant decline in investments using a dataset of 39,527 funding rounds occurring before and during the pandemic in 130 countries. In line with our theoretical considerations, we show that this decline is more pronounced for investments characterized by higher uncertainty, namely investments in seed-stage ventures, industries affected more heavily by the COVID-19 crisis, international investments, and non-syndicated investments. Investor prominence partially moderates these effects.

中文翻译：

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COVID-19 和全球风险投资格局

我们评估了 COVID-19 大流行对风险资本 (VC) 投资的影响，使用 130 个国家/地区在大流行之前和期间发生的 39,527 轮融资的数据集记录了投资的显着下降。根据我们的理论考虑，我们表明，对于不确定性较高的投资，即对种子阶段企业的投资、受 COVID-19 危机影响较大的行业、国际投资和非银团投资，这种下降更为明显。投资者的知名度在一定程度上缓和了这些影响。