Table 1 Influencing factors of VC investments.

Investor

Venture Capitalist/VC firm/VC fund

• Reputation

• Network

• VC firm age

• Fund location

• Snydication

Cumming and Dai 2010; Dimov and Murray 2008; Falik et al. 2016; Wray 2012

Investee

Start-up

• Management team

• Production and market acceptance

• Industry sector

• Technology/Innovation

• Stage/Size

• Political background

Blank and Carmeli 2021; Gompers et al. 2020; Macmillan et al. 1985; Zhou et al. 2023

Entrepreneur

• Personality

• Experience

• Entrepreneurship

Blank and Carmeli 2021; Macmillan et al. 1985; Pintado et al. 2007

External factors

Economy

• GDP

• Service industries

• Economic freedom

Ning et al. 2015; Wang and Wang 2012; Wu et al. 2022

Finance

• IPO

• Concentration of VC firms

• Exit opportunity

Du et al. 2024; Félix et al. 2023; Pan et al. 2016

Innovation

• Invention

• University

• High-end human capital

Cheng et al. 2019; Fang 2018; Powell et al. 2002

Location/Transportation

• Spatial proximity

• Air network

• High-speed railway

Chen et al. 2010; Colombo et al. 2019; Duan et al. 2020; Martin et al. 2005; Zheng et al. 2020

Policy/Institution

• Institution

• Government intervention

• Public policy

Li and Zahra 2012; Mason and Pierrakis 2013; Yang et al. 2024; Zacharakis et al. 2007

Others

• Culture

• Social ties

Bringmann et al. 2018; Li and Zahra 2012