Prior research has investigated how the prices of stocks and commodities as well as inflation levels have been affected by the Russian war against Ukraine. So far, however, we know little about the impacts of the war on the entrepreneurial finance sector. Prior research on the effects of unexpected exogenous crisis events on entrepreneurial finance suggests a strong negative impact on new and follow-on funding for entrepreneurial ventures. Our study regards the Russian war against Ukraine as an unexpected exogenous crisis event and explores its impact on the entrepreneurial finance sector. It goes beyond a mere sentiment and impact analysis and also explores the underlying reasons and mechanisms as well as potential response and coping strategies employed by entrepreneurial finance investors. Based on two surveys of European venture capital (VC) and private equity (PE) investors, we find that the war had a strong negative impact on the two types of investors and their respective funds. Both VC and PE investors report more risk-aversion of limited partners (LPs) and LPs leaving the market as important challenges resulting in an overall lower willingness of LPs to invest. This applies in particular to banks, insurance funds, and pension funds. On the portfolio firm level, securing equity financing and maintaining liquidity were considered pressing issues. Overall, the situation seems to be more difficult for portfolio companies of VC as compared to PE investors. For the former, the financing- and liquidity-related issues seem to be more existential and survival-threatening. Responding to these challenges, both VC and PE investors altered their industry focus and put more emphasis on entrepreneurial experience. Financial investment selection criteria such as financial valuation, profitability, and cash- as well as revenue-generating capacity also increased in importance. Again, differences between VC and PE investors exist. Our study has implications for entrepreneurial finance theory and practice and concludes with an agenda for research on the impacts of the Russian war against Ukraine on entrepreneurial finance.

此前的研究调查了俄罗斯对乌克兰战争对股票和大宗商品价格以及通胀水平的影响。然而，到目前为止，我们对战争对创业金融领域的影响知之甚少。先前关于意外外生危机事件对创业融资影响的研究表明，这会对创业企业的新融资和后续融资产生强烈的负面影响。我们的研究将俄罗斯对乌克兰的战争视为意外的外生危机事件，并探讨其对创业金融领域的影响。它超越了单纯的情绪和影响分析，还探讨了潜在的原因和机制以及创业金融投资者采用的潜在反应和应对策略。根据对欧洲风险投资（VC）和私募股权（PE）投资者的两项调查，我们发现战争对这两类投资者及其各自的基金产生了强烈的负面影响。VC 和 PE 投资者均表示，有限合伙人 (LP) 和 LP 退出市场的风险厌恶情绪上升，这是重要的挑战，导致 LP 的整体投资意愿较低。这尤其适用于银行、保险基金和养老基金。在投资组合公司层面，确保股权融资和维持流动性被认为是紧迫问题。总体而言，与 PE 投资者相比，风险投资的投资组合公司的处境似乎更为困难。对于前者来说，与融资和流动性相关的问题似乎更关系到生存和生存。面对这些挑战，VC和PE投资者都改变了行业关注点，更加注重创业经验。财务估值、盈利能力、现金和创收能力等金融投资选择标准也变得越来越重要。同样，风险投资和私募股权投资者之间也存在差异。我们的研究对创业金融理论和实践具有影响，并以研究俄罗斯对乌克兰战争对创业金融影响的议程作为结论。