政府引导基金投后赋能与实体企业发展——来自被投企业的经验证据

V alue-Added of G overnment Guidance Fund and the Development of Real Enterprises:Evidence firom Firm-Level Data

政府引导基金规模大、投资范围广,是我国引导社会资本服务实体企业的重要手段,然而政府引导基金能否以及如何影响实体企业发展尚未有一致结论。本文以2009—2020年新三板企业为样本,实证检验了政府引导基金能否以及如何通过投后赋能促进被投企业发展。研究发现,政府引导基金显著提升了被投企业的全要素生产率,这种提升主要通过投后赋能中的信号和资源机制,而非治理机制。拓展性分析发现,政府引导基金投资后,被投企业加大了人力和资本投入,但并未增加创新投入;政府引导基金的直接投资比间接投资更能提高被投企业全要素生产率,异地投资比本地投资更能提高被投企业全要素生产率,但单独投资和共同投资无显著差异。本文的研究为政府引导基金如何加强投后管理、提高资金在被投企业中的使用效率、改善投资方式等重要问题提供了思路,有助于提升政府引导基金运行效果,更好地服务实体经济发展。

The government guidance fund is an important measure to guide social capital and serve real enterprises.Previous studies have focused on its“guidance”role,but there is a lack of post-investment Value-Added role.This is because for a special venture capital which is shouldering the policy mission,pre-investment choice reflects whether the investment direction is in line with the policy.Scholars have paid more attention to the pre-investment choice and its impact,that is,whether the government guidance fund guides social capital to invest more in early-stage projects.Another important reason why there is a lack of post-investment Value-Added studies for government guidance fund is the limit of data.Government guidance funds are supposed to invest in early-stage projects,but the information disclosure of early-stage enterprises is incomplete.Some studies use A-share data or other Small sample data instead,and cannot get consensus.This paper choose to use National Equities Exchange and Quotations(NEEQ)data and match information from multiple databases,trying to use enterprise data as early-staged as possible.This paper uses the 2009-2020 NEEQ companies as a sample to answer whether and how the post-investment Value-Added of the government-guided fund has affected the development of the invested companies.We found that:First,the government guidance fund has improved the total factor productivity of real enterprises,mainly through the signal mechanism and resource mechanism,rather than the supervision mechanism.Second,it is further found that the improvement of total factor productivity comes from the increase of human capital input and the scale of capital investment,while innovation input has not changed significantly.Third,we examine the impact of investment methods,it is found that compared with indirect investment,direct investment by government guidance funds is more conducive to promoting the improvement of total factor productivity of enterprises.Compared with government-guided funds alone,jointly investment with other private equity funds is no significant difference in total factor productivity.Compared with inter-regional investment,local investment has no significant effect on the investment enterprise,indicating that the local government's reinvestment requirement has no substantial effect on the enterprise.The main contributions of this paper are as follows:First,it explores the role of government guidance funds other than“guidance”,and enriches the literature on the effect evaluation of government guidance funds.Different from the existing literature that focuses on the guiding role of government guidance funds,this paper focuses on how government guidance funds can improve the development quality of invested companies through post-investment Value-Added.Second,we match the data of investment events and NEEQ companies,making up for the lack of large sample research at firm-level in the effect evaluation of government guidance funds.Although there is a small amount of literature focusing on the impact of government guidance funds at firm-level,but there are the following shortcomings due to the limit of data:The research method does not directly to the invested companies,and only explores the impact from exogenous shock of fund establishment.Third,it provides some enlightenment for government guidance funds about how to better serve real enterprises.How government guidance funds play a role to better serve real enterprises is becoming more and more important at present.The mechanism test of this paper finds that although the government guidance fund has played the role of signal and resource,it has not achieved effective supervision of the invested enterprises,and the growth of total factor productivity does not come from the increase of innovation input.Therefore,the government guidance fund needs to strengthen the external supervision of the invested companies,pay attention to the use of the invested companies'funds,further optimize post-investment empowerment,and better serve the high-quality development of real companies.To summarize,this paper provides empirical evidence at firm-level for the operation effect of government guidance funds,and fills the research gap in this field.This research verifies the important role of government guidance funds other than“guidance”,and help improve the operation effect of government guidance funds,to better serve the development of the real economy.