【摘要】 发展耐心资本是优化金融资源配置的重要战略。本文利用2000—2023年中国风险投资事件数据，探讨政府引导基金对风险资本的投资行为偏好的影响效应。研究表明，政府引导基金显著促进了风险资本的投资，促使其采取体现长期承诺与深度参与的“领投+分阶段投资”耐心投资模式，以此区别于单纯投资期限延长的被动等待。政府引导基金通过拓展资源网络缓解信息不对称，并通过风险缓冲机制分担投资风险，从而培育了风险资本的耐心属性。当政府引导基金与更强专业资质风险资本合作时，引导效应更为显著，且在早期阶段与高科技企业投资中尤为突出。政府引导基金参与及其引导的耐心投资行为显著提升被投企业成功概率。本文从政府引导基金视角揭示了耐心资本的微观形成机制，为更好发挥政府引导基金作用提供了启示。更多还原

【Abstract】 Developing patient capital is an important strategy for optimizing financial resource allocation. Using Chinese VC event data from 2000 to 2023,this paper investigates the impact of Government Guidance Funds( GGFs) on the investment behavior preferences of venture capital( VC). We find that GGF participation significantly induces VC firms to adopt a patient investment strategy characterized by lead investing and staged financing, which embodies long-term commitment and deep involvement,distinguishing it from passive waiting with merely prolonged investment horizons. Mechanistically,GGFs foster this patience by expanding resource networks to reduce information asymmetry and offering risk-sharing buffers. This guidance effect is more pronounced when GGFs collaborate with VC firms possessing stronger professional expertise,particularly in early-stage and high-tech investments. We further document that GGF involvement and the resulting patient behaviors significantly enhance the success probability of portfolio companies. This study illuminates the micro-mechanisms of patient capital formation from the perspective of GGFs,providing a theoretical basis and policy implications for better leveraging the role of GGFs.更多还原