政府引导基金参股创投基金能促进企业创新吗?——基于零膨胀负二项分布模型的实证研究

Could the Equity Participation of GVCGFs in VC Funds Promote Enterprises' Innovation?——An Empirical Study on the Zero-inflated Negative Binomial Model

促进企业创新是政府创业投资引导基金(以下简称政府引导基金)的根本政策宗旨之一.文章通过私募通数据库搜集数据构造匹配样本,使用零膨胀负二项分布模型,实证检验政府引导基金参股创投基金对企业创新的影响.主要研究结论如下.(1)总体评估结果表明,政府引导基金参股的创投基金对企业创新的促进作用与私人创投基金不存在显著差异.(2)按企业所处发展阶段分类后的回归结果表明,政府引导基金参股的创投基金投资成熟期企业时,对企业创新的促进作用优于私人创投基金;投资扩张期企业时,对企业创新的促进作用与私人创投基金不存在显著差异.

It is one of the fundamental policy objectives for China＇s Government Venture Capital Guiding Funds（ GVCGFs） to promote enterprises＇ innovation. By collecting matching samples from the PEdata Database,it investigated empirically the impact of equity participation of GVCGFs in venture capital（ VC） funds on enterprises＇ innovation with the zero-inflated negative binomial model. The main conclusions are as follows.（1） The overall evaluation results show that there is no significant difference of the promoting effect between GVCGFs participated VC funds and private VC funds on enterprises＇ innovation.（2） After classifying the enterprises by their development stages,the regression results show that the promoting effect of GVCGFs participated VC funds on enterprises＇ innovation is more efficient than that of private VC funds if they invest in the enterprises of mature stage,and that there is no significant difference of the promoting effect between GVCGFs participated VC funds and private VC funds on enterprises＇ innovation if they invest in the enterprises of expansion stage.