创业风险投资引导基金参股投资的杠杆效应研究  

The Leverage Effect of Equity Investment of China's Government Venture Capital Guiding Funds

作　　者：郭立宏[1] GUO Li-hong(School of Economies and Management, Northwest University, Xi＇an 710127, China)

机构地区：[1]西北大学经济管理学院,陕西西安710127

出　　处：《西北大学学报（哲学社会科学版）》2018年第3期109-117,共9页Journal of Northwest University：Philosophy and Social Sciences Edition

基　　金：教育部人文社会科学研究规划基金项目(16YJA630015);陕西省社会科学基金项目(2017S032);陕西省教育厅哲学社会科学重点研究基地项目(12JZ066;13JZ035)

摘　　要：通过私募通数据库搜集数据并构建匹配样本,实证研究引导基金参股投资的杠杆效应及其影响因素。研究发现:(1)引导基金参股投资提升了创投机构募资的可能性,缩短了创投机构募资的时间间隔,但无法增大创投机构的募资规模。(2)对混合基金的投向提出明确限制没有弱化引导基金参股投资的杠杆效应。(3)一支引导基金单独参股投资的杠杆效应优于两支及以上引导基金同时参股。(4)委托专业机构管理的引导基金参股投资杠杆效应最明显。(5)省部级引导基金参股投资的杠杆效应最明显。In this paper, the leverage effect of equity investment of China＇s Government Ventm~ Capital Guiding Funds （GVCGFs） and its influencing factors are empirically investigated through a large matching sample from Zero2IPO Database. The new findings are summed up as follows： ①The equity investment of GVCGFs raises the fundraising possibility of the venture capital titans, shortens the fundraising duration of the venture capital titans, but does not increase the committments of venture capital fund. ②The leverage effect of equity investment of GVCGFs isn＇t weakened by the investment restrictions on hybrid funds. ③The leverage effect of only one GVCGF envovled in equity investment is more significant than that of two or more GVCGFs envovled in equity investment at the same time.④The leverage effect of equity investment is most significant if GVCGFs are entrusted to professional institutes. ⑤The leverage effect of equity investment is the most significant if GVCGFs are of the provincial and ministerial levels.

关 键 词：引导基金 参股投资 创投机构 募资 杠杆效应 创新金融 科技创新 

分 类 号：F830.59[经济管理—金融学]