基于投资者政策需求视角的中国创业投资发展影响因素研究  

A Study on the Influential Factors of Venture Capital Development in China Based on the Perspective of Investor Policy Demand

作　　者：徐枫[1] 马佳伟 

机构地区：[1]华南理工大学经济与贸易学院

出　　处：《宏观经济研究》2018年第3期89-102,共14页Macroeconomics

基　　金：2017年度广州市哲学社会科学发展“十三五”规划重大课题(编号:2017GZZD04);教育部国家级大学生创新创业训练计划项目(编号:201710561143)的阶段性研究成果

摘　　要：创业投资能够较好地契合新兴产业的特征，通过推动创业投资的发展以期带动新兴产业的发展，是促进产业升级、深化供给侧改革的重要途径。本文基于投资者政策需求视角，采用问卷调研的方式对创业投资机构进行调研，并引入结构方程模型对创业投资发展的影响因素进行实证研究。结果表明：投资者对不同类型的创业投资政策的需求程度存在差异，认为金融支持政策对创业投资的重要性程度最大，其次是退出渠道政策，然后是人才激励政策，最后是税收优惠政策。因此，需要从建立政府股权基金、构建多层次资本市场、引进高端人才和完善税收优惠等方面充分调动创业投资对新兴产业发展的促进作用。Venture capital investment can better fit the characteristics of emerging industries. By promoting the development of venture capital so as to promote the development of new industries, it is an important way to promote industrial upgrading and deepen supply - side reform. Based on the policy demand of investors, this paper investigates venture capital institutions by means of question- naires and introduces the structural equation model to make an empirical study on the influencing fac- tors of venture capital investment. The results show that there are differences in the demand degree of investors for different types of venture capital in- vestment. They think that financial support policies are the most important for venture capital invest- ment ,followed by withdrawal from channel policy, then talent incentive policy, and finally tax prefer- ence policy. Therefore, it is necessary to fully mobi- lize the promotion effect of venture capital on the development of new industries from the establish- ment of government equity funds, the construction of multi -level capital market, the introduction of high -end talent and the improvement of tax incentives.

关 键 词：创业投资发展 投资者政策需求 结构方程模型 

分 类 号：F279.2[经济管理—企业管理]