摘要
本文使用我国创业投资基金的数据,分析创业投资机构在政府引导基金激励下投资创业期企业的动机及经济后果。研究发现,在获得政府引导基金参股后,创业投资基金显著增加了创业期企业的投资,但主要是增加创业中后期企业的投资,并没有显著增加创业初期企业的投资,而且这种现象在低声誉和民营创业投资机构管理的基金中更明显。这表明政府引导基金会激励创业投资机构策略性地迎合政策,挑选短期、低风险的创业项目进行投资,偏离了政策制定者的初衷。进一步的研究发现,创业投资机构迎合政策的策略性行为是缺乏效率的。有关部门应及时完善政府引导基金的运行机制,以充分发挥该政策在我国创新创业活动中的积极作用。
Using data of venture capital funds in China,this paper investigates the motivation and economic consequences of investment in start-ups made by venture capital firms incentivized by governmental guidance funds.This paper finds that,after funded by governmental guidance funds,venture capital funds significantly increase investmentin start-ups,but the increases is mainly in late-stage start-ups rather than early-stage start-ups,and this phenomenon is more obvious in the funds managed by private or less reputable venture capital firms.This demonstrates that governmental guidance funds incentivize venture capital firms to strategically cater to the policy,and to pick short-term and low-risk start-ups to invest,which deviates from the original intension of the policy maker.This paper further finds that,it is inefficient for venture capital firms to strategically cater to the policy.The government needs to improve the operating mechanism of governmental guidance funds in time in order to effectively promote innovation and entrepreneurship activities in China.
作者
李善民
梁星韵
Li Shanmin;Liang Xingyun
出处
《证券市场导报》
CSSCI
北大核心
2020年第9期14-23,共10页
Securities Market Herald
基金
广东省软科学研究计划重点项目“粤港澳大湾区建设国际科技创新中心的思路及对策研究”(2019B101001004)
广东省软科学研究计划项目“科技金融支持广东战略性新兴产业发展的机制与政策研究”(2018A070712017)
广东省社科“十三五”规划项目“创新激励政策的绩效评估与机制优化研究:基于市场导向视角”(GD16XYJ25)。
