政府引导基金能引导社会资金进入创投市场吗?

Could China's Government Venture Capital Guiding Funds Guide Social Funds into Venture Capital Market?

基于倾向值匹配倍差法(PSM-DID)从城市层面研究政府引导基金对社会资金的引导作用。首先通过私募通数据库确定设立政府引导基金的城市,其后采用倾向值匹配法(PSM)从没有设立政府引导基金的城市中为设立政府引导基金的城市选取一对一匹配样本,最后使用倍差法(DID)实证检验两类城市的创投市场差异。实证结果表明:在设立政府引导基金之后,设立政府引导基金的城市在创投筹资规模、新成立的创投机构数量、首次进入创投市场投资的有限合伙人数量三个方面均显著地高于没有设立政府引导基金的城市。

The guiding effects of government venture capital guiding funds （GVCGFs） on social funds are investigated with difference in differences method based on propensity score matching （PSM-DID） from the city level in this paper. Firstly, data are collected from Zero2IPO Database to determine the cities which have set up GVCGFs. Secondly, one-match samples are selected from the cities without GVCGFs to the cities with G^CGFs by propensity score matching （PSM） . At last, the venture capital market differences between the cities with and without GVCGFs are examined empirically with the difference in differences （DID） models. Empirical results show that, after the establishment of GVCGFs, the overall venture capital commitments, the amount of newly founded venture capital firms, and the numbers of limited partners entering the venture capital market for the first time are higher in cities with GVCGFs than those in cities without GVCGFs.