中国政府引导基金的产业政策视角

The Industrial Policy Perspective of Government Venture Capital in China

中国政府引导基金兼具市场化运营特征与政策引导作用,作为产业政策旨在通过招商引资促进创业创新、推动产业发展。研究显示,政府引导基金能够有效提升制造业企业的全要素生产率,但无法显著提升企业盈利能力,其作用更多体现为帮助企业平抑盈利波动、降低不确定性。作用机制而言,地方政府的招商引资、产业布局作用十分关键。政府引导基金带来的企业所在行业的相对集中(专业化集聚)使得企业竞争增强、技术进步,企业所在行业外的其他行业的相对多样(多样化集聚)使得中间投入利用效率更高、生产效率长期提升。本文在此基础上提出政府引导基金框架设计的相关政策建议。

China's government venture capital funds feature both market-oriented operation and policy guidance.As part of an industrial policy,these funds aim to promote entrepreneurship,spur innovation and enhance industrial development by attracting private investment.Our study shows that Chinese government venture capital funds can effectively increase the total factor productivity of manufacturing companies but cannot significantly improve profitability of the companies involved.Their contribution is most obvious in helping companies stabilize profits and reduce uncertainties.The role of local governments in attracting investment and industrial redistribution is critical.The relative concentration of enterprises'industries brought about by government venture capital(specialized agglomeration)enhances competition among enterprises and promotes technology progress,while the relative diversity of enterprises in other industries(diversified agglomeration)leads to higher utilization efficiency of intermediate inputs and long-term improvement of production efficiency.Based on these assumptions,this paper offers policy suggestions for the framework design of government venture capital in China.