基于双重差分模型的引导基金引导效应研究

Research on the Guiding Effect of Guiding Fund Based on DID Model

引导基金的根本宗旨是通过创投机构引导社会资金投向处于种子期、起步期等早期企业和高科技企业。文章从投中数据库(CVSource)中选取管理引导基金的创业投资机构作为处理组,选取没有管理引导基金的创业投资机构为控制组,让与处理组匹配的控制组和处理组的投资活动具有相同的时间段,采用双重差分模型实证分析处理组和控制组的投资差异。实证研究发现:引导基金不能引导创投机构投资早期企业,只能引导创投机构投资高科技企业。由此可知,引导基金的根本宗旨并没有被完全践行,政府应出台优惠政策鼓励创投机构投资早期企业。

The fundamental purpose of the guiding fund is to guide social funds to invest in early-stage enterprises and high-tech enterprises such as seed stage and initial stage through venture capital institutions.From CVSource database,this paper selects the venture capital institutions that manage the guiding fund as the treat group,and selects the venture capital institutions that do not manage the guiding fund as the control group,making the investment activities of the control group matched with the treat group and the treat group be in the same time period,then uses the difference-in-difference model to empirically analyze the investment differences between the treat group and the control group.The empirical study found that the guiding fund can not guide venture capital institutions to invest in early-stage enterprises,but can only guide venture capital institutions to invest in high-tech enterprises.It can be seen that the fundamental purpose of guiding fund has not been fully implemented and the government should introduce preferential policies to encourage venture capital institutions to invest in early-stage enterprises.