政府创业投资引导基金的引导效应研究

以2000年至2011年间我国省际创投资本筹集数据为样本,使用联立方程模型检验了设立政府创业投资引导基金(简称政府引导基金)对社会资金进入创业投资领域的引导作用。研究发现,政府引导基金的引导效应在不同省份间存在明显差异:在创业投资发展成熟省份,设立政府引导基金会挤出社会资金;但在创业投资发展落后省份,设立政府引导基金对社会资金有一定的引导作用。这一结论支持"良性循环"假说,表明在决定是否设立政府引导基金时需充分考虑本地的创业投资发展状况。

Study on the guiding effects of the government venture capital guiding funds

Using the data of provincialventure capital fundraising between 2000 and 2011 and the simultaneous equations model, this paper investigates the guiding effects of China's government venture capital guiding funds (GVCs) on social funds into the venture capital industry. We find through the investigation that the guiding effects of GVCs are significantly different among provinces. In the well-developed provinces of venture capital, GVCs will crowd out social funds. By contrast, in the less-developed provinces ofventure capital, GVCs can guide social funds into the venture capital industry to some degree. These results support the hypothesis of "Virtuous Cycle" and suggest that the development circumstances of the local venture capital industry should be taken into account when deciding whether or not to set up GVCs.