政府引导基金的经济效应及影响路径研究

【作者】 陈蓉；

【导师】 杨晔；

【作者基本信息】 上海财经大学 ， 投资经济， 2022， 博士

【摘要】 风险投资在增强创新活力和推动经济发展方面起到重要作用。然而,风险投资市场中一直存在着市场失灵问题。在此背景下,政府通过政府引导基金政策,来提升风险市场资源配置效率,促进风险投资市场功能发挥。政府引导基金政策既具备增加政府支出的财政政策特征,又通过和风投机构合作而与市场紧密结合,是一种具备自身特色的非典型市场干预手段。正是因为如此,政府引导基金政策的相关问题被越来越多的研究者所关注。已有研究集中于对政府引导基金运营模式和宏观层面政策效果的探讨,较少深入到微观层面讨论政府引导基金的作用机制。鉴于此,本文基于政府引导基金与风投机构和创业企业之间的微观互动,建立了基于制度压力理论和资源基础理论的研究框架,分析了政府引导基金政策实施所产生的新的制度环境,以及创业企业在政府引导基金的支持下所获得的资源优势。基于以上微观基础分析,本文根据经济增长理论对政府引导基金的经济增长促进作用进行讨论,探究其政策效果和影响路径。在理论分析之后,本文采用实证方法对其进行验证。本文基于统计分析和文本分析方法,对国内政府引导基金的发展历程和现状进行了总结。现状分析表明,政府引导基金作为政府风投资本的一种运用方式,其萌芽于中国风投市场发展初期,如今已经成为政府干预风投市场的主要手段。无论是母基金还是子基金,政府引导基金分布最集中的区域均为东部地区,这与风投市场投资机构的集聚状况相一致。就投资事件而言,无论是否有引导基金支持,东部地区都是风投机构最为青睐的区域。在标的企业的阶段和行业分布看,引导基金支持机构确实存在新兴行业和早期阶段偏好。对管理办法政策文件的文本分析表明,政府引导基金政策的主要目标可以被总结为“发挥财政杠杆作用,促进优质风险资本集聚”,“发挥风险资本作用,支持科技型中小企业发展”和“发挥创新驱动作用,提升区域经济发展质量”三点。这为本文的研究提供了重要抓手。在文章接下来的安排中,本文依次检验了政府引导基金对“风险资本集聚”、“科技型中小企业发展”和“区域经济发展”三方面的影响以及作用路径。首先,在政府引导基金对“风险资本集聚”的作用方面。第一,本文研究了政府引导基金政策发布对区域内风投机构投资决策的影响。从平均水平上看,政府引导基金政策对吸引风投机构投资本地具有正向作用。分经济区看,政府引导基金政策在东中部地区实现了引导效应,但在西部地区政策效果较弱。这是因为创业环境对政府引导基金政策的引导效应有正向调节作用。在投资阶段和投资行业方面,政府引导基金政策的发布增强了区域内风投机构投资早期、战新标的的倾向。以上结果可以使用制度压力理论来解释。政府引导基金利用政府信息优势,通过子基金的投资行为释放企业质量信息,进而减弱风投机构与创业企业之间的信息不对称问题,当风投机构都观察到该信息后,风投行业内部就形成了规范压力,风投机构会出于组织生存竞争的目的进入引导基金子基金的投资领域。第二,本文研究了政府引导基金支持对风投机构投资决策的影响。从平均水平上看,政府引导基金支持可以增强风投机构投资本地的倾向。并且在分组结果中,本土机构、国资机构、非国资机构、总部在本地机构和跨区域设立基金机构的投资本地倾向都显著受到政府引导基金支持的正向影响。而外资机构受到引导基金支持后并不会显著增强对当地的投资偏好。从平均水平上看,政府引导基金支持可以增强风投机构投资早期和战新标的的倾向。并且在分组结果中,本土机构、非国资机构和在总部设立基金机构的早期、战新投资倾向都因为引导基金的支持而增强了。不过,引导基金支持对外资机构、国资机构和跨区域设立基金机构早期、战新标的选择的影响并不显著。以上结果可通过制度压力理论来解释,对于风投机构来说,要同时完成社会资本的经济目标和引导基金的政策目标,就需要搜寻高质量科技型创业企业标的,这需要耗费高成本,因而对于市场化程度较高的外资机构、已经拥有关系资源的国资机构和有能力跨区域设立基金的机构来说,在权衡利弊后对引导基金支持施以的规制压力采取了回避的战术回应。第三,本文研究了政府引导基金支持机构伙伴投资决策所受的影响。在联合投资策略上,引导基金支持使得风投机构更倾向于采用小规模的强-弱联合策略,并且在联合中充当强势机构角色。总的来说,引导基金支持机构在选择联合伙伴时偏向于不具备关系资源优势,但是愿意多付出金融资源并拥有经验资源优势的伙伴风投机构。这是因为引导基金支持已经给风投机构带来了关系资源优势,使得其有机会在下次投资时通过联合策略进行资源整合来追求更好的投资效果。联合投资关系的形成使得伙伴风投机构的投资方向受到了显著影响。与引导基金支持机构建立的合作关系越紧密,伙伴风投机构越倾向于在下一次投资中选择早期、战新标的。而伙伴风投机构自身越处于整体联合网络的中心,合作关系带来的影响就越小。以上结果可以使用制度压力理论和社会网络理论来解释。联合投资网络是风投机构重要的信息来源渠道。与引导基金支持机构紧密合作可以给伙伴风投机构带来与关系资源相关的信息,改变了其所处的认知制度环境。在面对具有高度不确定性的风投活动投资决策时,伙伴机构基于其认知压力对曾经追随的引导基金支持机构的投资决策进行了模仿。而当伙伴风投机构在整体网络中处于更中心位置时,其对紧密合作伙伴的依赖度变低,引导基金支持机构对其认知制度环境的影响变小,其所带来的认知压力影响就被削弱了。其次,在政府引导基金对“科技型中小企业发展”的作用方面。本文首先验证了政府引导基金对企业的支持存在创新促进作用,即在控制投资标的初始条件的情况下,与其他风投相比,政府引导基金支持的标的企业在被投资三年内拥有更多的专利申请数量。其次,本文讨论了在不同投资区位、投资行业、投资阶段、标的企业背景下,政府引导基金支持对企业创新的作用有何差异,结果显示,政府引导基金的支持对本地标的、非战新标的、早期标的和非国资背景标的企业的创新促进作用更为有效。最后,本文讨论了政府引导基金支持对标的企业融资额度的影响,验证了融资额度在创新促进过程中的中介作用。然后,在政府引导基金对“区域经济发展”的作用方面。本文首先通过构建双向固定效应面板回归模型,验证了在全国平均水平上政府引导基金的设立具有经济增长促进效应。其次,通过分样本回归,分析了政府引导基金的设立在不同经济区域起到的异质性作用,并且通过对门限效应的检验,解释了这种异质性作用源自于经济区之间的经济环境差异,政府引导基金只有在传统金融行业发展水平和市场化程度足够高的区域才能显著发挥其经济增长促进作用。最后,在前文的基础之上,通过构建中介效应回归模型,分析了政府引导基金经济增长促进效应的作用机制,发现风投市场的发展和创新活动的活跃是政府引导基金影响经济增长的重要途径。最后,基于上述分析,本文总结了研究所得的主要结论,并分别从子基金政策规制和引导基金政策生态方面,提出优化政府引导基金经济效应的策略建议。更多还原

【Abstract】 Venture capital plays an important role in enhancing innovation vitality and promoting economic development.However,market failure has always been a problem in venture capital market.In this context,government uses government-sponsored VC funds policy to improve resource allocation efficiency and promote the function of venture capital market.The government-sponsored VC funds policy not only has the financial policy characteristics of increasing government expenditure,but also closely combines with the market through cooperation with venture capital institutions.It is an atypical market intervention means with its own characteristics.In light of this,more and more researchers are paying attention to the related issues of governmentsponsored VC funds policy.Existing studies have focused on the discussion of the operation mode of government-sponsored VC funds and the policy effect at the macro level,and considerably less on the action mechanism of government-sponsored VC funds at the micro level.In view of this,based on the micro interaction between government-sponsored VC funds and venture capital institutions and start-ups,this paper establishes a research framework based on organizational behavior theory,and resource-based theory to analyze the new institutional environment generated by the implementation of government-sponsored VC funds policy and its institutional pressure on venture capital institutions.This paper analyzes the heterogeneous resources brought by the implementation of the government-sponsored VC funds policy,and the resource advantages obtained by start-ups with the support of the government-sponsored VC funds.Based on the above micro basic analysis,this paper discusses the role of government-sponsored VC funds in promoting economic growth according to the economic growth theory,and explores its policy effect and influence path.After theoretical analysis,this paper uses empirical methods to verify it.Based on the methods of statistical analysis and text analysis,this paper summarizes the development process and current situation of domestic governmentsponsored VC funds.The current situation analysis shows that the governmentsponsored VC funds,as an application of government venture capital,sprouted in the early stage of the development of China’s venture capital market,and has now become the main means for the government to intervene in the venture capital market.Whether it is the master fund or the sub fund,the most concentrated area of government guided funds is the eastern region,which is consistent with the agglomeration of investment institutions in the venture capital market.In terms of investment events,whether there is government-sponsored VC funds support or not,the eastern region is the most favored region for venture capital institutions.In terms of the stage and industry distribution of the target enterprises,government-sponsored VC funds prefer emerging industries and early stage preferences.The text analysis of the management measures shows that the main objectives of government-sponsored VC funds policy can be summarized as "giving full play to the role of financial leverage and promoting the agglomeration of high-quality venture capital","giving full play to the role of venture capital and supporting the development of scientific and technological small and medium-sized enterprises" and "giving full play to the role of innovation driving and improving the quality of regional economic development".This provides an important starting point for the research of this paper.In the following arrangement of the article,this paper successively tests the impact and path of government-sponsored VC funds policy on "venture capital agglomeration","development of scientific and technological small and medium-sized enterprises" and "regional economic development".In terms of government-sponsored VC funds’ role in "venture capital agglomeration".Firstly,this paper studies the impact of government-sponsored VC funds policy release on the investment decision-making of venture capital institutions in the region.On average,the government-sponsored VC funds policy has a positive effect on attracting venture capital institutions to invest locally.In terms of economic zones,the government-sponsored VC funds policy has achieved the guidance effect in the eastern and central regions,but the policy effect is weak in the western regions.This is because the entrepreneurship environment has a positive regulatory effect on the guiding effect of the government-sponsored VC funds policy.In terms of investment stage and investment industry,the release of government-sponsored VC funds policy has strengthened the tendency of venture capital institutions in the region to invest in early and new targets.The above results can be explained by institutional pressure theory.Government-sponsored VC funds make use of the government’s information advantage to release the enterprise quality information through the investment behavior of the sub fund,so as to reduce the information asymmetry between venture capital institutions and start-ups.When venture capital institutions observe the information,there is a normative pressure within the venture capital industry.For the purpose of organizational survival competition,venture capital institutions will enter fields where government-sponsored VC sub funds entre.Second,this paper studies the impact of government-sponsored VC funds’ support on the investment decision-making of venture capital institutions.On average,government-sponsored VC funds’ support can enhance the tendency of venture capital institutions to invest locally.And the local investment tendency of local institutions,state-owned institutions,non-state-owned institutions,institutions headquartered in funding province and institutions funding cross-regionally are significantly positively affected by the government-sponsored VC funds’ support.However,foreign institutions will not significantly enhance their local investment preference after being supported by the government-sponsored VC funds.On average,government-sponsored VC funds’ support can enhance the tendency of venture capital institutions to invest in early stage and new targets.Moreover,the early and new investment tendencies of local institutions,non-state-owned institutions and institutions headquartered in funding province have been strengthened due to the support of government-sponsored VC funds.However,the impact of guiding fund support on the early and new targets of foreign institutions,state-owned institutions and institutions funding cross-regionally is not significant.The above results can be explained by institutional pressure theory.For venture capital institutions,in order to achieve the economic objectives of capital and the policy objectives of government-sponsored VC funds at the same time,they need to search for the targets of high-quality science and technology start-ups,which requires greater cost.Therefore,for foreign institutions with a high degree of marketization,and the state-owned assets institutions that already have relationship resources and institutions that have the ability to set up funds across regions,after weighing the advantages and disadvantages,they have taken an evasive tactical response to the regulatory pressure on government-sponsored VC funds policy.Thirdly,this paper studies the impact of government-sponsored VC funds on the investment decision-making of fund support institutional partners.In terms of joint investment strategy,government-sponsored VC funds’ support makes venture capital institutions more inclined to adopt small-scale strong weak joint strategy and play a strong institutional role in the joint.Generally speaking,government-sponsored VC funds support institutions tend to choose joint partners that do not have the advantage of relationship resources,but are willing to pay more financial resources and have the advantage of experience resources.This is because the government-sponsored VC funds has brought relationship resource advantages to venture capital institutions,giving them the opportunity to integrate resources through joint strategies to pursue better investment results in their next investment.The formation of joint investment relationship has significantly affected the investment direction of partner venture capital institutions.The closer the cooperative relationship established with the government-sponsored VC funds support institutions,the more partner venture capital institutions tend to choose early and emerging targets in the next investment.The more the partner venture capital institutions themselves are at the center of the overall joint network,the less the impact of the partnership will be.The above results can be explained by institutional pressure theory and social network theory.Joint investment network is an important source of information for venture capital institutions.Close cooperation with government-sponsored VC funds support institutions can bring partner venture capital institutions information related to relationship resources and change their cognitive institutional environment.When facing the investment decision of venture capital activities with high uncertainty,partner institutions imitate the investment decision of government-sponsored VC funds institutions based on their cognitive pressure.When partner venture capital institutions are in a more central position in the overall network,their dependence on close partners becomes lower,the impact of government-sponsored VC funds support institutions becomes smaller,and the impact of cognitive pressure is weakened.In terms of government-sponsored VC funds’ role in the development of "scientific and technological small and medium-sized enterprises".Firstly,this paper verifies that government-sponsored VC funds’ innovation promotion role does exist.Under the condition of controlling the initial conditions of the target,compared with other venture capital,the target enterprises supported by the government-sponsored VC funds have more patent applications in the coming three years after being invested.Secondly,this paper discusses the differences role of government-sponsored VC funds’ support in enterprise innovation under the background of different investment locations,investment industries,investment stages and target enterprises.The results show that government-sponsored VC funds’ support is more effective in promoting the innovation of local enterprises,non-emerging enterprises,early stage enterprises and non-state-owned enterprises.Finally,this paper discusses the impact of governmentsponsored VC funds’ support on the financing of target enterprise,and verifies the intermediary role of the financing amount in the process of innovation promotion.In terms of government-sponsored VC funds’ role in "regional economic development".Firstly,by constructing a two-way fixed effect panel regression model,this paper proves that the establishment of government-sponsored VC funds has the effect of promoting economic growth on the national average.Secondly,through sub sample regression,this paper analyzes the heterogeneity of the establishment of government-sponsored VC funds in different economic regions,and explains that this heterogeneity originates from the differences of economic environment between economic regions through threshold effect.The government-sponsored VC funds can play a significant role in promoting economic growth only in areas where the level of marketization degree and traditional financial industry are high enough.Finally,on the basis of the above,by constructing the intermediary effect regression model,this paper analyzes the mechanism of the promotion effect of government guided fund economic growth,and finds that the development of venture capital market and the activity of innovation activities are important ways for government guided fund to affect economic growth.Finally,based on the above analysis,this paper summarizes the research conclusions,and puts forward strategic suggestions to optimize the guiding effect of government-sponsored VC funds from the aspects of sub fund regulation and policy ecology.更多还原