政府引导基金投后赋能与实体企业发展——来自被投企业的经验证据  

V alue-Added of G overnment Guidance Fund and the Development of Real Enterprises:Evidence firom Firm-Level Data

作　　者：蒋亚含 李晓慧[2] 许诺 JIANG Ya-han;LI Xiao-hui;XU Nuo(School of Management,Minzu University of China,Beijing,100081,China;School of Accountancy,Central University of Finance and Economics,Beijing,100081,China;China Institute of Regulation Research,Zhejiang University of Finance&Economics,Hangzhou,Zhejiang,310018,China)

机构地区：[1]中央民族大学管理学院,北京100081 [2]中央财经大学会计学院,北京100081 [3]浙江财经大学中国政府管制研究院,浙江杭州310018

出　　处：《经济管理》2023年第3期44-62,共19页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金青年项目“公平竞争审查与企业投资行为”(72102206);北京基金小镇控股公司和北京尽调云科技公司横向项目“私募基金管理公司健康诊断和风险防范研究”(JJXZ20190001)。

摘　　要：政府引导基金规模大、投资范围广,是我国引导社会资本服务实体企业的重要手段,然而政府引导基金能否以及如何影响实体企业发展尚未有一致结论。本文以2009—2020年新三板企业为样本,实证检验了政府引导基金能否以及如何通过投后赋能促进被投企业发展。研究发现,政府引导基金显著提升了被投企业的全要素生产率,这种提升主要通过投后赋能中的信号和资源机制,而非治理机制。拓展性分析发现,政府引导基金投资后,被投企业加大了人力和资本投入,但并未增加创新投入;政府引导基金的直接投资比间接投资更能提高被投企业全要素生产率,异地投资比本地投资更能提高被投企业全要素生产率,但单独投资和共同投资无显著差异。本文的研究为政府引导基金如何加强投后管理、提高资金在被投企业中的使用效率、改善投资方式等重要问题提供了思路,有助于提升政府引导基金运行效果,更好地服务实体经济发展。The government guidance fund is an important measure to guide social capital and serve real enterprises.Previous studies have focused on its“guidance”role,but there is a lack of post-investment Value-Added role.This is because for a special venture capital which is shouldering the policy mission,pre-investment choice reflects whether the investment direction is in line with the policy.Scholars have paid more attention to the pre-investment choice and its impact,that is,whether the government guidance fund guides social capital to invest more in early-stage projects.Another important reason why there is a lack of post-investment Value-Added studies for government guidance fund is the limit of data.Government guidance funds are supposed to invest in early-stage projects,but the information disclosure of early-stage enterprises is incomplete.Some studies use A-share data or other Small sample data instead,and cannot get consensus.This paper choose to use National Equities Exchange and Quotations(NEEQ)data and match information from multiple databases,trying to use enterprise data as early-staged as possible.This paper uses the 2009-2020 NEEQ companies as a sample to answer whether and how the post-investment Value-Added of the government-guided fund has affected the development of the invested companies.We found that:First,the government guidance fund has improved the total factor productivity of real enterprises,mainly through the signal mechanism and resource mechanism,rather than the supervision mechanism.Second,it is further found that the improvement of total factor productivity comes from the increase of human capital input and the scale of capital investment,while innovation input has not changed significantly.Third,we examine the impact of investment methods,it is found that compared with indirect investment,direct investment by government guidance funds is more conducive to promoting the improvement of total factor productivity of enterprises.Compared with government-guided funds alone,jointly investmen

关 键 词：政府引导基金 投后赋能 风险投资机构 全要素生产率 

分 类 号：F270[经济管理—企业管理]