政府背景风险投资对创新的甄选与培育效果——不同区域环境视角的检验

以创业板企业数据为样本，使用Logit模型及工具变量法，研究不同区域环境下政府背景风险投资对企业创新的事前甄选与事后培育作用，并对其机制进行探讨。结果表明：①经济区域对政府背景风险投资行为影响有限，与非核心发达地区相比，金融发达地区的政府背景风险投资对企业技术创新没有表现出差异性甄选行为，但却有更好的事后培育作用，而且这种培育作用会随着地区投资环境优化而增强；②行政区域对政府背景风险投资行为影响显著，与异省投资相比，本省政府背景风险投资对技术创新的事前甄选具有显著优势，但对被投企业后续创新投入产生了一定的负面作用，这种作用会因政府背景风险投资占有董事会席位而加大。

The Screening Effect and Treatment Effect of Governmental Venture Capital

Based on the data of the listed companies in Growth Enterprise Market, this paper tests the impact of GVC on technological innovation in different investment environment by using Logit model and IV method.The results show as follows:① the economic region has limited influence on GVC.GVC in financial developed regions has more significant treatment effect on enterprise innovation, but there is no evident in screening effect.Optimizing regional investment environment could strengthen the treatment effect;② the administrative region has a significant impact on GVC.GVC which invests in local enterprise performs screening effect on technological innovation, but as a result of exploitation, it has negative effect on R&D investment, and the participation of the board of directors could strengthen the treatment effect.