社会价值假说视角下国有背景风险投资实证研究:投资绩效与市场规模效应

The Investment Performance of GovernmentSponsored Venture Capitals and Its Influence to the Venture Capital Industry Scale in China

国有背景风险投资在整个风险投资行业发展和我国产业结构调整方面扮演着特殊重要角色。本文实证分析了我国国有背景风险投资的投资绩效以及其对风险投资行业的影响,结果发现:与私有风险投资相比,国有风险投资更早进入风险企业,从而验证了社会价值假说,即国有风险投资以弥补市场失灵为目的,在追求经济收益的同时更重视投资所带来的社会效益;国有风险投资对私有风险投资起到了显著的示范效应,国有风险投资的加入有效促进了风险投资行业规模的扩大,且不存在对私有背景风险投资的挤出效应,从而修正了私人利益假说的结论。在此基础上,本文提出了发挥国有风险投资示范带动作用、改善风险投资市场环境和激发国有风险投资活力的政策建议。

Government-sponsored venture capital plays a very important role in the development of the entire venture capital industry and in the readjustment of China’s industrial structure. This paper empirically analyzes the investment performance of governmentsponsored venture capital in China and its impact on the venture capital industry. The results show that compared with private-sponsored venture capital, government-sponsored venture capital invests the venture enterprise earlier, which verifies the social value hypothesis that government-sponsored venture capital aims to make up for the market failure, so they not only pursuit economic benefits, but pay more attention to the social benefits. Governmentsponsored venture capital plays a significant demonstration effect on the private-sponsored venture capital, and effectively promotes the expansion of the venture capital industry. Government-sponsored venture capital plays no crowding-out effect on private-sponsored venture capital, so as to correct the conclusion of private interest hypothesis. On this basis, this paper puts forward some policy suggestions, including giving play to the role of demonstration of government-sponsored venture capital, improving the market environment of venture capital and stimulating the vitality of government-sponsored venture capital.