国有创投资本能拾遗补阙吗?——基于我国创业投资事件的实证研究  

Can State-owned Venture Capital Make up Market Investment Gap:Empirical Study Based on the Events of Venture Capital Investment in China

作　　者：丛菲菲[1] 张强 

机构地区：[1]上海财经大学金融学院,上海200433

出　　处：《证券市场导报》2019年第1期20-27,共8页Securities Market Herald

基　　金：上海财经大学研究生创新基金资助项目(2016110859):上市公司"高送转"中的同行效应研究--来自中国A股市场的经验证据;上海财经大学2017年研究生创新基金资助项目(项目批准号:CXJJ-2017-312):国有创业投资的动因;模式与绩效研究

摘　　要：以1998～2016年我国未上市企业接受创业资本投资事件作为研究样本,本文实证考察了国有创投对创新产业发展的影响。研究发现:国有创投偏向投资于轮次较早但是阶段较晚的企业,基本补充了创业投资市场的投资空白;2010年国有创投资本持股豁免转持社保基金政策的出台削弱了国有创投资本的补充作用;国有创投机构的政府层级越低,投资轮次后移的变动越大。本文从创投行业角度验证了国有资本参与对市场有效性具有改善效果,对国家政策法规的制定具有一定借鉴意义。This paper explores the effects of state-owned venture capital on the innovative enterprises by using the sample of investment cases. The findings indicate that state-owned venture capital tends to invest in the enterprises with earlier round but later stage. Moreover, the issuance of the shareholding exemption for state-owned venture capital to transfer to the social security fund weakened the supplementary effect of state-owned venture capital on the market. Besides, the lower the government ownership level of venture capital institutions, the greater the change of investment rotation. From the perspective of venture capital industry, this paper verifies that the participation of state-owned capital has an improved effect on the market effectiveness and has certain reference significance for the formulation of national policies and regulation.

关 键 词：国有创投 创投行业 社保转持政策 政府层级 政府引导基金 

分 类 号：F830.3[经济管理—金融学]