创业投资引导基金资助下中小上市企业的发展特征与成长性

Development Characteristics and Growth of Small and Medium-sized Listed Enterprises Funded by Venture Capital Guidance Fund

从受资助企业视角,分析创业投资引导基金对企业成长发展的影响。基于原中小板、创业板、科创板等受创业投资引导基金资助的上市企业数据,从创业投资引导基金的发展沿革和运作模式入手,结合上市板块特征,对受资助企业的行业分布、地域分布和其他特征进行描述,在此基础上以行业为划分标准,通过发展能力和创新能力研究企业成长性。结果表明:受创业投资引导基金资助的中小企业具有更好的发展能力和创新能力,成长性更好;创业投资引导基金具有中小企业的价值发现、市场商业价值实现、投资价值和社会价值利益最大化功能,能助推科技与经济融合和促进我国产业结构转型升级。

From the perspective of funded enterprises,this paper analyzes the impact of Venture Capital Guidance Fund on the growth and development of enterprises.Based on the data of listed enterprises financed by Venture Capital Guidance Fund in original SME,GEM and STB,beginning with its developing history and operating model of Venture Capital Guidance Fund,the paper describes the geographical distribution,industry distribution and enterprise characteristics of financed enterprises of the listed boards,and on this basis,takes the industry as division standard,studies the growth of enterprise through two dimensions of development ability and innovation ability.The result shows that SMEs financed by venture capital guidance funds have better competent development ability,innovation ability and better growth;Venture Capital Guidance Fund plays an essential role in the value discovery of SMEs,the market commercial value realization,the benefit maximization of investment value and social value,which could effectively boost the integration of science and technology with economy,and accelerate industrial transformation and upgrading in China.