中国初创企业政府扶持基金的绩效研究

Research on Performance of Chinese government funding start-ups

历年来我国各级政府都设立了各种基金对初创型科技型企业进行扶持,其金额巨大,但基金的效益如何,学术界一直缺乏深入研究。本文首先基于因子分析法对反映企业的盈利与成长的各项绩效指标进行聚类建立综合绩效评价模型;然后运用偏最小二乘法(PLS)对影响政府基金绩效因素进行分析。从而得到如下几个结论:整体上看,政府基金支持对初创企业综合绩效是有影响的,且PLS系数方向来看,企业获利能力和发展潜力越大,基金绩效越好;从系数大小来看,获利能力对基金绩效的影响大于其发展潜力,证明企业拿到政府基金之后用于改善自身的财务状况而疏忽长远发展。结论为政府今后对初创企业制定政策或设立基金提供了一定的理论支撑。

Over the years,governments at all levels have set up various funds to support start-up and tech companies,and enormous amount,however how about the effectiveness of the Fund?Academia has been a lack of research on it.Firstly,we employ the factor analysis to cluster indicators of earnings performance and growth performance of the start-ups to make model.Finally,we employ the partial least squares(PLS)method on the impact factors of Performance of Government Fund on start-up and technology companies.Results show that(1)Overall,government funds to support the start-up companies affect firms performance;(2)In view of direction of PLS estimated coefficients,the bigger of profitability and growth potential of Start-up companies,the better of the performance of government funds;(3)In view of size of coefficients,profitability of Start-up enterprises influencing government fund performance is greater than the growth potential of enterprises,proofing that enterprises get more government funds to improve their financial situation rather than the long-term development.This paper provide some theoretical support on the future development of policies for the government or the establishment of a fund for start-ups.