政府引导基金研究综述

Summary of the Research on Government Guidance Fund

政府引导基金作为将政策性和市场化合为一体的财政工具,在撬动社会资本和公司治理中均起到重要作用。现有研究对于政府引导基金的经济后果结论存在不一致的情况。基于信号传递理论、认证效应、资源基础观,从政府引导基金的引导效果、对企业融资和创新的影响以及政府引导基金与风险投资的协同与冲突3个角度进行文献综述。最后根据现有文献的空白进行了未来展望。

As a financial tool combining policy and market,government guidance fund plays an important role in leveraging social capital and corporate governance.The existing studies have different conclusions about the economic consequences of government guidance fund.Based on signal transmission theory,authentication effect and resource-based view,this paper makes a literature review from three aspects:the guiding effect of government guidance fund,the influence on enterprise financing and innovation,and the coordination and conflict between goverment guidance fund and venture capital.Finally,according to the blank of the existing literature,the future is prospected.