科技金融政策能否激励风险投资:基于准自然实验的证据  

Can the Tech-finance Policy Stimulate Venture Capital? Evidence from a Quasi-natural Experiment in China

作　　者：何剑 何稚忻 魏涛 He Jian;He Zhixin;Wei Tao(School of Finance,Xinjiang University of Finance and Economics,Urumqi 830012,Xinjiang,China;School of Economics and Business Administration,Beijing Normal University,Beijing 100875,China)

机构地区：[1]新疆财经大学金融学院,新疆乌鲁木齐830012 [2]北京师范大学经济与工商管理学院,北京100875

出　　处：《征信》2025年第3期69-83,共15页Credit Reference

基　　金：国家社会科学基金重大项目(24&ZD064);国家自然科学基金项目(7216030084);新疆财经大学高层次人才专项项目(2024XGC006);新疆财经大学研究生创新项目(XJUFE2024B012)。

摘　　要：风险投资为企业发展提供必要资本支持,构成资本市场发展的重要环节,如何进行引导成为关键问题。利用科技金融政策形成的准自然实验,以2006—2022年中国31个省区市(不含港澳台)风险投资事件作为研究对象,实证考察了科技金融政策对于风险投资的影响。研究发现:第一,科技金融政策激励了风险投资。第二,异质性分析表明,科技金融政策对风投机构投资于科技型企业的激励力度更大,但具有滞后性,而政策对于风投机构投资于非科技型企业的激励作用是即时的;相较于处于种子期和初创期的企业,科技金融政策对于风投机构投资于扩张期和成熟期企业的激励作用更大;科技金融政策对于人民币资本的风险投资激励作用大于美元资本;科技金融政策对于异地资本的风险投资起到更强的激励作用。第三,机制检验表明,科技金融政策通过提升政府风险投资关注度、创业活跃度、科技金融耦合协调度激励风险投资。第四,拓展性分析结果显示,科技金融政策增加了风投资本成功退出的次数,提升了风投资本通过更优质的方式退出的概率,提高了风投资本的投资回报率。Venture capital provides essential capital support for enterprise development and forms an important part of capital market evolution.How to effectively guide venture capital investments becomes a key issue.This study utilizes the quasi-natural experiment formed by“the Tech-finance policy”and empirically examines its impact on venture capital in 31 province,autonomous regions,and municipalities in China(excluding Hong Kong,Macao,and Taiwan)from 2006 to 2022.This research finds that:First,the Tech-finance policy stimulated venture capital.Second,the heterogeneity analysis reveals that the Tech-finance policy provides greater incentives for technology-based firms to attract venture capital.However,the stimulatory effect of this pilot policy on technology-based firms exhibits a lag in attracting venture capital,whereas for non-technology firms,the incentive effect is immediate;Compared to firms in the seed and startup phases,the policy more significantly motivated venture capital investments in firms during expansion and maturity phases;The policy had a stronger incentivizing effect on RMB cap ital than that of US dollar capital;The policy more strongly motivated venture capital from non-local sources.Third,the mechanism testing indicates that the policy encouraged venture capital by enhancing the government attention to venture capital,entrepreneurial activity and boosting the tech-financial coupling coordination.Fourth,the results of the extended analysis indicate that the Tech-finance policy have increased the number of successful exits for venture capital,improved the likelihood of exiting through higher-quality avenues,and raised the rate of return on venture capital investments。

关 键 词：科技金融政策 风险投资 政府风险投资关注度 创业活跃度 科技金融耦合协调度 

分 类 号：F812.7[经济管理—财政学] F061