引导基金参股方式对创投机构后续募资的影响  

The impact of GVCGFs′ equity participation mode on VCFs follow-on fundraising

作　　者：杨敏利[1,2] 丁文虎 Marcus W.Feldman Yang Minli;Ding Wenhu;Marcus W.Feldman(School of Economics and Management,Xi'an University of Technology,Xi'an 710054,Shaanxi,China;Morrison Institute for Population and Resource Studies,Stanford University,California 94305,USA)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054 [2]斯坦福大学莫里森人口与资源研究所,美国加利福尼亚94305

出　　处：《科研管理》2020年第5期131-139,共9页Science Research Management

基　　金：国家自然科学基金青年项目:“基于网络结构视角的创投网络与企业创新网络互动机理研究”(71702091,2018.01-2020.12);教育部人文社会科学研究青年基金项目:“创业投资引导基金参股对创投机构网络位置的动态影响机理研究”(17YJC630023,2017.07-2020.06);陕西省社会科学基金项目:“陕西政府创业投资引导基金参股的杠杆效应研究”(2017S032,2017.12-2019.12)。

摘　　要：本文通过私募通数据库搜集数据构造匹配样本,使用logit模型、Cox模型和多元线性回归模型,从后续募资的可能性、时间间隔、募资规模三个方面,实证分析引导基金单独参股和联合参股这两种参股方式对创投机构后续募资的影响。研究发现:(1)引导基金联合参股可以促进创投机构后续募资,而单独参股则不能。(2)引导基金无论联合参股高声誉创投机构还是低声誉创投机构,都会促进其后续募资。(3)引导基金联合参股非国有背景创投机构可以促进其后续募资,但联合参股国有背景创投机构则不能促进其后续募资。In support of China′s policy of "National Outline for Medium and Long-Term Science and Technology Development(2006-2020)", government venture capital guiding funds(GVCGFs) in China have developed rapidly. The number of GVCGFs has reached 191, and the funds′ assets exceeded 260 billion yuan by the end of 2015, according to incomplete statistics from the PE database.The most popular operating mode of the GVCGFs is equity participation, where GVCGFs act as limited partners and set up venture capital funds together with other limited partners. Venture capital firms act as general partners and take charge of the fund. Specifically, venture capital firms are responsible for selecting investment targets, providing value-added services, monitoring entrepreneurial firms, and so on. In current practice, most GVCGFs act as solo participants, although there is still a wide variety of GVCGFs that act as joint participants. Do the differences in how GVCGFs participate in venture capital funds affect the subsequent fundraising of venture capital firms? If so, why? This paper attempts to answer these two questions.If GVCGFs invest in a venture capital fund, then this venture capital firm will establish political connections, which might help the firm to obtain various governmental resources to promote its subsequent fundraising. Taking this as the starting point, since the total resources obtained by a venture capital firm increase with an increase in the amount of GVCGFs, resource covering may be achieved among the different GVCGFs. The quantity and variety of resources provided by joint participation of GVCGFs are superior to those generated by solo participation, resulting in more successful subsequent fundraising. Compared with solo participation, joint participation of two or more GVCGFs may also involve costs. On one hand, policy objectives of different GCVGFs may not be similar and conflicts may occur concerning their goals of equity participation. On the other hand, along with an increase in the amount of equity part

关 键 词：创业投资引导基金 单独参股 联合参股 创投机构 后续募资 

分 类 号：F830.59[经济管理—金融学]