政府引导基金本地投资对企业创新的影响

中国各地政府创业投资引导基金（以下简称政府引导基金）大多倾向于投资本地企业。通过私募通数据库搜集数据构造匹配样本，使用负二项分布模型，研究参股模式下政府引导基金本地投资对企业创新的影响。主要研究结论概括如下：①政府引导基金本地投资对企业创新的促进作用优于私人创投基金，非本地投资则与私人创投基金不存在显著差异；②政府引导基金投资本地高科技企业对创新的促进作用优于私人创投基金，投资本地非高科技企业则与私人创投基金不存显著差异；③无论投资扩张期还是成熟期的本地企业，政府引导基金对企业创新的促进作用都优于私人创投基金；④政府引导基金本地投资主要是通过选择效应（而非处理效应）促进企业创新。

The Impact of GVCGFs Local Investment on Enterprise Innovation

China's government venture capital guiding funds (GVCGFs) mostly tend to invest in local enterprises.By collecting matching samples from the PEdata Database and using the negative binomial distribution model,the impact of GVCGFs local investment on enterprise innovation is investigated in this paper under the investment mode of equity participation.The main results are summed up as follows:The promoting effect of GVCGFs on local enterprise innovation is better than that of private venture capital (VC) funds,while the promoting effect of GVCGFs on non-local enterprise innovation shows no significant difference with private VC funds.；The promoting effect of GVCGFs on local high-tech enterprise innovation is better than that of private VC funds,while the promoting effect of GVCGFs on local non-high-tech enterprise innovation shows no significant difference with private VC funds；Whether GVCGFs invest in local enterprises of expansion stage or mature stage,the promoting effect of GVCGFs on innovation is better than that of private VC funds；The selection effect,rather than treatment effect,is the main channel through which GVCGFs promote the local enterprise innovation.