中国政府引导基金的引导效果及作用机理

文章使用我国创业投资机构的数据,分析政府引导基金的引导作用及其内部机理。实证研究表明,在获得政府引导基金资助后,创业投资机构向科技型初创企业显著增加投资,说明政府引导基金发挥了引导作用;相比国有创业投资机构,政府引导基金对民营创业投资机构的引导作用更强;相比非创新创业密集地区,政府引导基金在创新创业密集地区发挥的引导作用更大。进一步分析发现,政府引导基金主要是通过"信号传递效应"发挥引导作用,政府引导基金的"风险分担效应"不显著;政府引导基金引导的投资与完全市场化的投资没有显著的绩效差异,说明政府引导基金的引导作用是有效率的。文章不仅揭示了政府引导基金的作用机理,也为政府促进高新技术产业发展提供了政策启示。

The Guiding Effect and Mechanism of Governmental Guidance Funds in China

In order to boost the development of high-tech industry, China's government recently implements the governmental guidance fund policy, combining the force of market and the force of government to solve financing problem among tech start-ups. The governmental guidance fund, also known as the venture capital guidance fund, is a policy-oriented fund operating as "fund of fund". The governmental guidance fund does not directly invest to firms, instead it invests as a limited partner to venture capital funds managed by venture capital firms, thus guiding venture capital firms to invest to tech start-ups. By the end of 2018, China's governmental guidance funds have invested more than 86 billion yuan, and have guided market funds over 480 billion yuan. Although most scholars support the establishment of governmental guidance fund, the guiding effect of governmental guidance fund is still controversial, and the guiding mechanism of governmental guidance fund has not been clarified. Therefore, this paper attempts to answer two questions:are government guidance funds guiding? If governmental guidance funds are guiding, what is the guiding mechanism? Using data of venture capital firms in China, this paper empirically studies the guiding effect and the guiding mechanism of governmental guidance fund. This paper finds that:after receiving fund from governmental guidance funds, venture capital firms significantly increase investment to tech start-ups, which demonstrates that governmental guidance funds are guiding; compared with public venture capital firms, governmental guidance funds have stronger guiding effect in private venture capital firms; compared with inactively entrepreneurial regions, governmental guidance funds have larger guiding effect in actively entrepreneurial regions. This paper further finds that:governmental guidance funds have no obvious "risk sharing effect", and venture capital firms funded by governmental guidance funds tend to invest in projects with low risk; governmental guidance funds have obvious "signaling effect", and venture capital firms funded by governmental guidance funds tend to invest in projects with high information asymmetry; there is no significant performance difference between governmental guidance fund guided investment and complete market oriented investment, which infers that the guiding effect of governmental guidance funds is efficient. The main contributions of this paper are as follows:firstly, this paper studies the guiding effect of governmental guidance funds on venture capital firm investment, offering micro level evidence on the policy effect of China's governmental guidance funds; secondly, this paper analyzes the guiding path of governmental guidance fund, deepening the understanding of the guiding mechanism of governmental guidance fund; thirdly, this paper demonstrates the need for government to appropriately boost the development of high-tech industry, expanding the research on industrial policy leading economic transformation and upgrading. This paper has several policy implications. Firstly, the governmental guidance fund policy is effective, which proves that it is feasible to relieve the financing problem of tech start-ups by combining the market function and the government function. Secondly, the operating mechanism of governmental guidance funds is imperfect, thus the government should improve the risk bearing capacity and performance assessing approach of governmental guidance funds. Thirdly, the governmental guidance funds need external conditions to be effective, and the government should implement other supporting policies to build a good environment.