政府支持对中国风险投资业影响的实证研究

Empirical Analysis on the Government Support in Chinese Venture Capital Industry

基于1997～2010年中国27个省、市风险投资项目数量的动态面板数据,实证检验了政府支持对中国风险投资业发展的影响,得出了三个主要结论。一是税收激励政策对风险投资业的发展有积极影响,但并不明显,尤其是种子期、初创期受到的激励效果极其微弱。二是引导基金政策抑制了风险投资的发展,事实上也确实如此。三是人均GDP与风险投资业的发展存在显著的正相关关系。因此,在政府支持风险投资业发展的过程中,一定要遵从经济规律,注重发挥其引导作用。

This paper investigates the impact of government supporting on development of venture capital. It empirically assesses the significance of these factors using data from 1997 to 2010 with robust multinomial regression models. The result shows that the tax preferential policies effectively promoted the development of venture investment.Government guides fund policy establishment to have inhibited development of venture capital. The PGDP and the development of venture funding are significantly correlated. The government should play a lead role.