政府引导基金联合风险投资对创业质量的影响:基于PLS模型的实证考察  

The Influence of Government Guidance Fund Combined Venture Capital on Entrepreneurial Quality:Empirical Investigation Based on PLS Model

作　　者：吴斌[1] 潘雅悦 楼雯倩 WU Bin;PAN Ya-yue;LOU Wen-qian

机构地区：[1]东南大学经济管理学院

出　　处：《财务研究》2022年第3期55-64,共10页Finance Research

基　　金：国家社会科学基金项目(16BJY154)。

摘　　要：本文基于财务支持、交易流机会、非财务资源三个维度,以获得政府引导基金与风险投资机构联合投资的长三角地区成功创业者为问卷调查对象,通过构建PIS模型(偏最小二乘法)对政府引导基金联合风险投资对创业质量的影响进行实证检验。研究结果表明,政府引导基金联合风险投资形成的投资组合对创业质量的影响呈正相关关系;研究还发现,非财务资源对财务支持和交易流机会有正向影响,并且能够共同影响创业质量。本文为创业质量影响因素的研究提供了新视角,为优化创投环境提供了新路径。Based on the three dimensions of financial support,transaction flow opportunities and non-financial resources,this paper takes successful entrepreneurs in the Yangtze River Delta region who have obtained joint investment from government guidance funds and venture capital institutions as the questionnaire objects,and constructs PLS model(partial least square method)to empirically test the impact of government guidance funds combined with venture capital on entrepreneurial quality.The results show that the investment portfolio formed by government guidance fund and venture capital has a positive correlation with the entrepreneurial quality;The study also found that non-financial resources have a positive impact on financial support and transaction flow opportunities,and can jointly affect entrepreneurial quality.This paper provides a new perspective for the research on the factors affecting entrepreneurial quality,and provides a new path for optimizing the venture capital environment.

关 键 词：政府引导基金 风险投资 创业质量 

分 类 号：F812.45[经济管理—财政学]