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论文编号：	9975
作者编号：	2120162733
上传时间：	2018/6/6 14:02:04
中文题目：	政府引导基金对创业企业绩效影响的研究
英文题目：	Research on the Influence of Government Guiding Fund on the Performance of Venture Enterprises
指导老师：	黄福广
中文关键字：	政府引导基金；风险投资；企业并购；内生性增长
英文关键字：	Government Guiding Fund; Venture Capital; Enterprise Merger and Acquisition；Endogenous Growth
中文摘要：	政府引导基金是一种政策性基金，主要通过扶持创业投资企业发展，引导社会资本进入创业投资领域。政府引导基金先后经历了探索起步、逐步试点、规范化运作、全面发展等阶段，目前已进入市场化运作阶段。本文以政府引导基金为研究对象，以市场失灵理论、外部性理论和信息不对称理论为理论基础，研究政府引导基金对创业企业绩效的影响。 本文选取2006年至2017年在新三板挂牌的企业为研究对象，首先采用倾向得分匹配法（PSM）将政府引导基金支持企业与独立风投支持企业进行一对三匹配，同时也将政府引导基金支持企业与既无政府引导基金支持又无独立风投支持企业进行一对三匹配。其次实证检验政府引导基金和独立风投对创业企业绩效的影响，运用个体固定效应模型研究发现政府引导基金与创业企业绩效显著正相关，独立风投与创业企业绩效显著负相关；运用双向固定效应模型研究发现政府引导基金和独立风投对企业绩效的影响会受到时间变动影响，在投资当年会促进创业企业绩效增长，但在投资后反而降低了创业企业绩效。本文进一步研究了政府引导基金对创业企业绩效增长方式的影响，研究发现政府引导基金与资产周转率和并购数量在10%水平下显著正相关，与销售净利率在接近10%水平下显著正相关，与权益乘数在1%水平下显著负相关；而独立风投与并购数量在5%水平下显著正相关，但与资产周转率、销售净利率和权益乘数无显著相关性。为保证实证结果的稳健性，将被解释变量的衡量指标进行了替换，并运用Heckman两阶段法对可能的内生性问题进行修正，原结果没有明显变化。 基于以上研究得出如下结论：一、政府引导基金对创业企业绩效的促进作用主要通过推动企业内生性增长和推动企业外延并购，其中推动外延并购的作用效果更大；二、独立风投会降低企业绩效，尽管能推动企业外延并购，主要原因在于未能促进企业内生性增长。因此要加强对创投机构的监督，跟进被投企业经营发展情况；完善政府引导基金运作模式，提高资金使用效率；完善政府引导基金引导方式和激励方式，带动更多社会资本；强化政府引导基金的市场化运作；独立风投也应积极参与被投企业的投后管理，推动其主营业务发展。
英文摘要：	The government guiding fund is a kind of policy fund. It mainly supports the development of venture capital companies and guides social capital into the field of venture capital. The government guiding fund has gone through stages of exploration, gradual piloting, standardized operations and comprehensive development, now has entered the stage of marketization. This paper takes the government guiding fund as the research object, takes the market failure theory, externality theory and information asymmetry theory as the theoretical basis, and studies the influence of the government guiding fund on the performance of the venture enterprise. This paper firstly adopts propensity score matching method (PSM) to conduct one-to-three matching between the companies of government guiding fund supported, and independent VCs supported, conduct one-to-three matching between he companies of government guiding fund supported and neither government guiding fund supported nor independent VCs supported. Secondly, panel data is used to empirically test the influence of government guiding fund and independent VCs on the performance of startups. The study finds that government guiding fund is significantly positively correlated with the performance of startups, and venture capital is significantly negatively correlated with the performance of startups. Using the two-way fixed effect model, it is found that the impact of government-guided funds and independent venture capital on performance will be affected by changes in time. In the year of investment, it will promote the growth of performance of startup companies, but it will hinder the performance of startup companies after investment. This paper further studies which way government guiding fund is used to promote the growth of performance of startups. The study finds that government guiding fund is positively correlated with asset turnover and the number of mergers and acquisitions at levels of 10% , is positively correlated with net profit margins at levels close to 10%, is significantly negatively correlated with equity multipliers at levels of 10%; independent VCs is significantly positively correlated with the number of mergers and acquisitions at levels of 5% ,but has no significant correlation with asset turnover, net profit margin and equity multiplier. In order to ensure the robustness of the research result, robustness tests are performed on the metrics of the explanatory variables, and Heckman two-step estimation method is used to test whether there is sample selection. The test results show that the model is well-fitted. Based on the above study, the following conclusions are drawn: First, the government guiding fund's promotion of performance mainly takes two forms: promoting the companies’ endogenous growth and promoting the companies’ epitaxy merger and acquisitions, among which the role of promoting the companies’ epitaxy merger and acquisitions is more effective; Second, independent VCs can promote the companies’ epitaxy merger and acquisitions, but it can hinder the growth of performance, mainly due to failure to promote the company's endogenous growth. The results enlighten that government guiding fund needs to strengthen the supervision of venture capital institutions, follow up with the companies’ business development, improve the government guiding fund operation mode, and improve the efficiency of capital use; Independent VCs should actively participate in the post-investment management of the invested companies and promote the development of their major businesses; Government guiding fund improve the guidance and incentive methods of government guiding fund, and promote more social capital; strengthen the market-oriented operation of government guiding fund.
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