政府引导基金补贴阈限的影响因素研究——基于融资约束视角的分析  

Research on the Factors of Subsidy Threshold for Governmental Venture Capital——Analysis based on the perspective of Financing Constraints

作　　者：刘志迎[1,2,3] 侯光宇 莫鸿芳 Liu Zhiying;Hou Guangyu;Mo Hongfang

机构地区：[1]中国科学技术大学管理学院 [2]中国科大EMBA中心 [3]安徽省发展战略研究会 [4]中国科学技术大学

出　　处：《投资研究》2021年第9期15-26,共12页Review of Investment Studies

基　　金：国家自然基金面上项目“企业二元创新战略下资源配置与开放获取整合机制研究”(课题号72072167)。

摘　　要：以政府引导基金为研究样本,通过补贴阈限和引导基金融资规模的关系引入政府引导基金融资模型,运用系统GMM方法对引导基金补贴阈限及其相关的影响因素进行回归分析。通过对全国、东部、中部和西部地区的估计结果分析出:政府的财政收入、地区居民年度收入和企业收入对政府引导基金的补贴阈限有正向效应。不同区域下的解释变量对引导基金补贴阈限的影响程度不同,东部地区解释变量对补贴阈限的影响程度远高于中西部地区。Based on the panel data of the Chinese Governmental Venture Capital(GVC),the authors introduce the GVC financing model through the relationship between the threshold of profits transfer and the financing scale of the GVC.Then we use the System GMM method to make regression analysis on the subsidy threshold of profits transfer for GVC and its related influencing factors.Through the comparative analysis of the estimated results of the national,Eastern,Central and Western samples,it is concluded that the government’s fiscal revenue,the annual income of local residents and the income of enterprises have a positive effect on the threshold of profits transferred by the GVC.Among them,the impact of fiscal revenue is the highest,followed by the annual income of residents,the annual income of enterprises is the weakest,and foreign investment has a negative effect on the threshold of profits transfer.The degree of influence of explanatory variables on the threshold of profits transfer is different in different regions.The degree of influence of explanatory variables on the threshold of profits transfer in the eastern region is much higher than that in the central and western regions.

关 键 词：政府引导基金 补贴阈限 融资约束 系统GMM 

分 类 号：F832.51[经济管理—金融学] F812.45