金融学院知识库

近年来，我国各个领域都出现了创业投资的身影，且表现不凡。同时，创业 投资机构也在全国发展迅速。但是，创业投资企业一向追求高收益、低风险的经 营目标，而我国初创期创新创业企业普遍存在募资难、投资时限长、投资风险大 的现状，这二者之间出现了强烈的冲击，以致于不能将其有效的匹配。此时政府 引导基金就应运而生了。它能够有效平衡二者之间的矛盾，还能够积极响应国家 政策，对特定行业的创新创业企业进行精准扶持。它以国外先进的研究经验为基 础，积极引导社会资本支持初创期企业，很大程度上刺激了我国创业投资市场的 发展。 政府引导基金的存在对我国产业结构的调整起到了一定的促进作用。通过国 家政策的有效引导，以政府资金带动我国社会资本流入创业投资市场，从而达到 产业结构升级的效果。当前我国国内对于引导基金的文献研究还局限于对其运作 模式、绩效评价体系等的探讨。由于我国政府引导基金的发展还不够成熟，经验 还不足，数据不够充分，所以我国学者在引导基金对创投市场的影响效应这方面 的实证研究数量相对较少，这就为本文的研究提供了研究思路。 本文通过比较国内外三个较典型的政府引导基金案例，分析其在运作过程中 的优点和不足，得出我国后续引导基金在运作中可以借鉴的先进经验。为了能够 更加深入探讨政府引导基金对股权投资基金的引导效应，本文选取 2010 年至 2019 年间我国 31 个省份政府引导基金与我国创业投资市场的相关面板数据进行 了实证分析。剔除了政策影响与政府引导基金投资偏好等因素的影响后，选取创 投基金项目数量为被解释变量，以政府引导基金是否参与作为解释变量（虚拟变 量），并采用“风险投资系统环境”的中的几项因素（经济开放度、金融发展程 度、基金存在年限、经济发展水平）作为控制变量建立模型进行实证分析，最终 表明政府引导基金具有明显的引导效应。 此外，为了使引导基金更好地引导社会资本进入创投市场，本文还总结了我 国政府引导基金现阶段的特点及其运作中存在的问题，并在最后提出相应的建 议，同时对后续研究的方向和领域提出展望。

In recent years, venture capital has appeared in various fields of our country, and its performance is extraordinary. At the same time, venture capital institutions have blossomed all over the country. However, venture capital enterprises have always pursued high-yield and low-risk business objectives. However, the current situation of difficulty in raising funds, long investment time limit and high investment risk exists in China's start-up innovative venture enterprises, and there is a strong impact between them, so that they cannot be effectively matched. At this time, the government guidance fund came into being. It can effectively balance the contradiction between the two, and actively respond to national policies, and accurately support innovative and entrepreneurial enterprises in specific industries. Based on foreign advanced research experience, it actively guides social capital to support start-up enterprises, which greatly stimulates the development of China's venture capital market. The existence of government-guided funds has promoted the adjustment of China's industrial structure to a certain extent. Through the effective guidance of national policies, the government funds can drive our social capital to flow into the venture capital market, thus achieving the effect of upgrading the industrial structure. At present, the literature research on guiding fund in China is limited to the discussion of itsoperation mode and performance evaluation system. Because the development of government-guided funds in China is not mature enough, the experience is not enough, and the data is not sufficient, so there are relatively few empirical studies on the impact of guiding funds on the venture capital market by Chinese scholars, which provides research ideas for this study. By comparing three typical cases of government guidance funds at home and abroad, this paper analyzes their advantages and disadvantages in the operation process, and obtains the advanced experience that can be used for reference in the operation of China's follow-up guidance funds. In order to further explore the guiding effect of government-guided funds on equity investment funds, this paper selects the relevant panel data of government-guided funds in 31 provinces of China and China's venture capital market from 2010 to 2019 for empirical analysis. After excluding the influence of policy and government-guided fund investment preference, this paper selects the number of venture capital fund projects as the explanatory variable, whether the government-guided fund participates as the explanatory variable (virtual variable), and uses several factors in the "venture capital system environment" (economic openness, financial development degree, fund life and economic development level) as the control variables to build a model for empirical analysis. Finally, it shows that the government-guided fund has obvious guiding effect.

In addition, in order to better guide social capital into the venture capital market, this paper also summarizes the characteristics and problems existing in the operation of our government's guiding fund at the present stage, and puts forward corresponding suggestions at the end, at the same time, looks forward to the direction and field of follow-up research.