中国创业投资的政府扶持研究

Research on the Government Support of China's Venture Capital Investment

本文回顾了当前国内外创业投资政府扶持的最新研究成果,指出政府在创业投资发展中发挥了非常重要的作用。但是要按照市场经济规律,对政府的功能角色进行合理的阶段性定位。创业投资行业的初期发展需要政府的直接推动,但后期更侧重于制度环境需求,而非直接性的非市场化干预。本文进一步通过实证考察了创业投资制度因素与政策因素对我国创业投资产业发展的具体作用,结果发现前者作用显著,而后者效果不稳定,这或许是由于政策扶持整体缺乏系统性。最后,本文认为,政府当局应重视政策扶持体系的构建与创业投资制度环境的完善。

This paper reviews the latest researches on the government support of venture capital investment at China and abroad.We find that the government has played a very important role in the development of venture capital investment.But the role of the government should be in accordance with the laws of the market economy.In the early stages of development,the direct promotion of the government is required.But in the latter stage,the role of the government is more focused on the construction of institutional environment,rather than direct non-market interventions.We further investigate the impact of institutional factors and policy factors through empirical study,and find that the impact of the former factors is significant,while the latter is unstable.The reason may line in the overall lack of systematic policy support.Finally,we suggest that the government should pay more attention to the construction of policy support system and institutional environment.