政府产业基金吸引私人风险资本的政策效果与机制研究

The Effect and Mechanisms of Government Industry Venture Capital Funds Leveraging Private Venture Capitals

本文手工构建政府产业基金及其投资项目信息的微观数据库,研究政府产业基金吸引私人风险资本的效果,并检验潜在的影响机制。研究发现,政府产业基金的进入能够显著提高未来私人风险资本投资的概率,但这种影响呈现逐年递减的趋势。政府产业基金吸引私人风险资本的效果因出资部门行政级别、基金组织形式、投资方式等不同而存在显著差异。进一步研究发现,政府产业基金主要通过信号揭示机制和产权保护替代机制吸引私人风险资本的投资。政府产业基金的进入可以视为揭示企业质量的信号,降低私人风险资本与被投资企业之间的信息不对称;也可以通过国有股权与政府建立利益关系获得政府的支持与保护,降低法律诉讼风险,改善经营业绩。本文研究结论对于理解和评价我国政府产业基金引导社会资本效果及未来优化政府产业基金政策具有一定的借鉴意义。

Government industry venture capital funds(GVC)are used as an important policy tool to bridge the equity gap for small young firms,while their real effect is still not clear in China up to now.This paper constructs a new database that contains detailed firm-level information of GVC and firms that they invested in,and analyzes the effect of GVC on attracting private venture capitals(PVC)in China and the potential mechanisms. We find that the existence of GVC significantly increases the probability of obtaining PVC financing,but this effect gradually decreases over time. The effect of the existence of GVC on PVCs varies across government fund sources,fund organization forms and investment styles. Further analyses present that GVC funding increases the probability of PVC investments through the signaling effect and the alternative property protection. Concretely speaking,the existence of GVC signals the high quality of a firm,alleviating the informational asymmetry between the firm and PVC;The connection associated with state ownership benefits a firm with greater supports and stronger property protection from the government,resulting in lower lawsuits risk and better performance. Our findings are helpful for the government to understand the real effect of GVC on social capitals and to optimize the policy of GVC as well.