政府引导对风险企业成长能力影响的实证研究

The Empirical Study of the Impact of Government Guide to Risk Enterprise's Growth Ability

截至2010年12月31日我国创业板共有154家公司上市,从中筛选出有风险投资持股的80家公司作为研究样本,考察其IPO前一年至IPO后两年的相关数据,研究政府引导与风险企业成长能力之间的关系。结果表明,相比政府财政补贴和直接出资设立风险投资公司来持股企业,对风险企业实施税收优惠政策更能显著提升其成长能力,即现阶段政府介入风险投资的主要方式应由直接干预微观运作向制度完善和政策激励等方面过渡,通过营造良好的风险投资发展的外部环境让我国巨额的民间资本充当风险投资主体。

Until December 31,2010, the GEM of China has a total of 154 listed companies. This paper sifts 80 companies held by venture capital institutions as the research samples, inspects its IPO last year to IPO after two years of relevant da- ta, and studies the relationship between venture enterprise growth ability and government intervention. The results show that compared with the government subsidies and direct investment to set up venture capital institution to shareholding enter- prise, implementing preferential tax policies for venture enterprises can significantly improve the growth ability. Namely, at present, the main way of government intervention to venture capital should make transition to perfect system and policy in- centives by creating a favorable external environment for the development of venture capital and making the China~ big pri- vate capital as the subject of risk investment.