摘要: |
以2013—2017年我国新三板挂牌企业为样本,研究风险资本的投资情况,比较国有资本通过不同方式参与风险投资的有效性。研究发现:与独立风险资本相比,国有风险资本倾向企业早期阶段投资;在国有资本参与风险投资的两种方式中,政府引导基金比国有直投更倾向企业早期阶段和高科技行业投资,支持了“修正效应”假说。相较于国有直投,政府引导基金能够吸引更多后续独立风险资本跟投,更好地发挥引导作用,支持了“激励效应”假说。政府引导基金通过委托高声誉风险投资机构,实现对企业早期阶段和高科技企业投资的目标,支持了“声誉假说”。研究结论对我国政府制定国有资本的风险投资策略具有借鉴意义。 |
关键词: 政府引导基金 国有风投 风险投资 公私合营 引导作用 |
DOI:10.13581/j.cnki.rdm.20190852 |
分类号:F275 |
基金项目:国家自然科学基金资助项目“风险资本投资创新创业企业的治理机制选择及实施效果研究”(71702203);国家社会科学基金资助项目“风险投资异质性对企业创新的影响及可持续性发展机制研究”(17BGL072);教育部人文社科基金项目“国有风险资本异质性对企业创新活动的影响研究”(19YJC630062)。 |
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How Could Government Capital Effectively Participate in Venture Capital?Based on Government Limited Partnership and Government Venture Capital |
HUANG Fu-guang1, ZHANG Hui-xue1, PENG Tao2, JIA Xi-meng3
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1.Business School, Nankai University, Tianjin 300071, China;2.International School of Business Finance, Sun Yat-sen University, Zhuhai 519082, China;3.Business School, Sichuan University, Chengdu 610064, China
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Abstract: |
Taking the data of New Third Board listed companies in China between 2013 and 2017 as the sample, it studied the investment results of venture capital and compared the effects of government capital participating in venture capital. It finds that compared with independent venture capital, the government capital tends to invest in the early stage of enterprises. By comparing the two forms of government capital, it finds that compared with government venture capital, government limited partnership tends to invest in the early stage of enterprises and high-tech industries, which supports the “correction effect” hypothesis. Compared with government venture capital, government limited partnership guides more follow-up independent venture capital investment and plays a better guiding role, which supports the “incentive effect” hypothesis. By delegating to high-reputation venture capital institutions, government limited partnership achieves the goal of investing in the early stage of enterprises and high-tech industries, which supports the “reputation” hypothesis. The conclusions provide reference for the government to formulate the venture capital strategy of government capitals. |
Key words: government limited partnership government venture capital venture capital public private partnership guiding effect |