单独投资还是联合投资——创业投资引导基金投资对创业企业融资的影响

Solo Investment or Co-investment:The Impact of GVCGFs Investment on Entrepreneurial Enterprises Financing

通过私募通数据库搜集数据构造匹配样本,对比研究创业投资引导基金(简称引导基金)单独投资和联合投资对创业企业融资的影响。研究结果表明:当引导基金单独投资时,引导基金投资的创业企业与私人创投基金投资的创业企业在首次融资额、后续融资额、总融资额三个方面均不存在显著差异;当引导基金联合投资时,引导基金投资的创业企业首次融资额、后续融资额、总融资额均显著地多于私人创投基金投资的创业企业。上述结论表明,引导基金联合投资可以促进创业企业融资,因此引导基金应当坚持联合投资模式。

This paper studies comparatively the impact of China＇ s Government Venture Capital Guiding Funds （GVCGFs） solo investment and coinvestment on entrepreneurial enterprises financing by onematch samples constructed with data from Zero2IPO Database. When GVCGFs invest alone, there are no significant differences between GVCGFs invested and private venture capital funds （PVCFs） invested entrepreneurial enterprises in the initial financing amount, follow -up financing amount and total financing amount. When GVCGFs invest with PVCFs, the initial financing amount, follow - up financing amount and total financing amount of GVCGFs invested entrepreneurial enterprises are all significantly higher than those of PVCFs invested entrepreneurial enterprises. The above results suggest that the co - investment of GVCGFs with PVCFs can promote the entrepreneurial enterprises financing. Therefore, GVCGFs should adhere to the co- investment model.