摘要
基于2006-2017年新三板挂牌企业数据,使用倾向得分匹配法得到1565家样本企业。研究了政府引导基金对企业经营绩效的影响结果和作用机制,以及区域创业投资环境对二者关系的调节效应。结果发现,控制独立风险资本投资后,政府引导基金的投资显著降低了企业的经营绩效,机制是政府引导基金抑制了企业的内涵式增长;在创业投资落后地区,政府引导基金的投资显著提高了企业经营绩效,支持了“良性循环”假说。
Based on the data of enterprises listed on the new third board from 2006 to 2017,this paper uses the propensity score matching method to obtain 1565 sample companies.This paper analyses the results and mechanism of the government-guided funds on the operating performance of enterprises,and whether the regional venture capital environment will change the effect.The results show that under the control of independent venture capital intervention,the government-guided funds intervention significantly reduces the operating performance,and the mechanism is that the government-guided funds inhibit the internal growth of enterprises.Furthermore,it is found that in the worse areas of venture capital,the intervention of government-guided funds can significantly improve the operating performance,which supports the"virtuous circle"hypothesis.
作者
张慧雪
贾西猛
陈兰芳
ZHANG Hui-xue;JIA Xi-meng;CHEN Lan-fang(Business School,Nankai University,Tianjin 300071;Business School,Sichuan University,Chengdu 610064;Bohai Securities Co.Ltd,Tianjin 300070)
出处
《软科学》
CSSCI
北大核心
2021年第6期85-90,共6页
Soft Science
基金
国家自然科学基金项目(71702203)
国家社会科学基金项目(17BGL072)
教育部人文社会科学基金项目(19YJC630062)
国家留学基金项目(201906200069)。
关键词
政府引导基金
风险资本
企业绩效
创投环境
新三板
government-guided funds
venture capital
firm performance
venture capital environment
new third board
