引导基金联合参股的杠杆效应研究  

A study of the leverage effect of the joint equity of government venture capital guiding funds (GVCGF)

作　　者：杨敏利[1,2] 焦飞飞 董建卫 姚和浪[1] Yang Minli;Jiao Feifei;Dong Jianwei;Yao Helang(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;School of Economics and Management,Northwest University,Xi'an 710127,Shaanxi,China)

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 [3]西北大学经济管理学院,陕西西安710127

出　　处：《科研管理》2020年第10期114-124,共11页Science Research Management

基　　金：国家自然科学基金资助项目(71572146);教育部人文社会科学研究规划基金资助项目(16YJA630015,15YJA630086);中国博士后科学基金资助项目(2013M542375)。

摘　　要：本文通过私募通数据库搜集数据并利用PSM(倾向得分匹配)方法进行样本的匹配构造,实证检验了引导基金联合参股的杠杆效应问题,得出如下结论:一是引导基金联合参股低声誉创投机构形成的杠杆效应显著高于联合参股高声誉创投机构,该结论支持认证效应假说。说明我国创投投资者对引导基金在遴选创投机构方面所具有的良好能力是非常认可的。二是引导基金联合参股国有背景创投机构形成的杠杆效应显著高于联合参股非国有背景创投机构,该结论不支持政治关联假说。说明引导基金强强联合才能实现杠杆效应的最大化。三是引导基金联合参股创投发展落后区域创投机构形成的杠杆效应显著高于联合参股成熟区域创投机构,该结论支持良性循环假说。说明引导基金采用联合参股方式进行投资充分发挥了在落后创投区域投资的引导作用。Along with China′s releases of the government venture capital guiding funds(the GVCGF) and the development of the Venture Capital Market, the methods to evaluate the effect of the GVCGFs on the operation of the joint equity investment become a key research target. To address this, we research on the leveraged effect of the guided fund joint venture investment by collecting matching samples from the PE data Database and by employing the PSM(Propensity Score Matching) method. The research reveals three significant findings.First, the leverage effect of GVCGFs joint equity investment in the low-reputation VCFs is significantly higher than that in the high-reputation ones, which supports the "Certification Effect Hypothesis". This demonstrates the domestic investors′ confidence in and recognition of the capacity of the venture capital funds of GVCGFs. This also becomes a favorable signal to use the venture capital market to assess the quality of the venture capital funds in a bid to make decisions on the joint equity investment. Second, the leverage effect of GVCGFs joint equity investment in the state-backed VCFs is considerably higher than that in the non-state-backed VCFs, which does not support the "Political Connection Hypothesis". This shows that those resources-enriched VCFs work together can magnify the leverage effect to the utmost extent. This also entails that those VCFs which have much more abundant resources are more likely to collaborate with the government in a bid to optimize the benefits from the GVCGFs. Third,the leverage effect of GVCGFs joint equity investment in those VCFs from the developing venture capital regions is noticeably higher than the ones from developed venture capital regions, which supports the "Virtuous Cycle Hypothesis". This shows that the GVCGFs has guided the social capital to move into the developing venture capital regions in a joint-equity way. This signals a virtuous cycle in the domestic venture capital market and expresses the real aim of the Chinese government in set

关 键 词：引导基金 联合参股 创投机构 杠杆效应 

分 类 号：F830.59[经济管理—金融学]