国有风险投资的有效性：认证与增值作用的比较研究

摘要/Abstract

摘要： 作为推动创业创新的政策工具，国有风险投资被认为有助于缓解市场失灵，促进高科技中小企业发展。以2004—2016年中小板和创业板风险投资支持企业为样本，从认证与增值功能考察国有风险投资促进创业创新的有效性。结果发现，相比民营或外资风险投资，国有风险投资有利于企业从银行、政府以及机构获得外部融资；国有风险投资支持的企业成长绩效和创新绩效较差；国有风险投资和民营或外资风险投资联合投资对企业成长绩效和创新绩效具有明显提升作用。以上结果说明，国有风险投资的认证功能较强，但增值功能较弱，国有与民营或外资风险投资联合投资有利于实现认证和增值功能的结合。

关键词: 国有风险投资, 联合投资, 创业创新, 认证, 增值

Abstract: As a policy instrument to promote entrepreneurship and innovation, government-sponsored venture capital investors (GVCs) are believed to help ease market failure, and contribute to the development of small and high-tech firms. This paper investigates the effectiveness of Chinese GVCs in promoting entrepreneurship and innovation by evaluating the certification and value-adding effects. Based on firms listed on the SEM (small and medium-sized enterprise) board and GEM（Growth Enterprise Market）during 2004-2016, our results show that, compared to private or foreign venture capital investors, firms funded by GVCs can obtain more outside financing from banks, government and institutional investors, but grow more slowly and have fewer innovation output. We also find a positive and significant impact of syndicated investments by investors with different ownership on firm growth and innovation output. These findings suggest that GVCs are better at certification but not value-adding, and syndication with other investors could combine certification and value-adding.

Key words: government-sponsored venture capital, syndicated investments, entrepreneurship and innovation, certification, value-adding

彭涛, 黄福广, 李娅. 国有风险投资的有效性：认证与增值作用的比较研究[J]. 管理评论, 2022, 34(1): 26-36.

Peng Tao, Huang Fuguang, Li Ya. The Effectiveness of Government-sponsored Venture Capital Investors：A Comparative Study on Certification and Value-adding[J]. Management Review, 2022, 34(1): 26-36.

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