单独投资还是联合投资——创业投资引导基金投资对创业企业融资的影响

发布时间：2018-02-09 07:22

本文关键词： 创业投资引导基金单独投资联合投资创业企业融资　出处：《经济问题》2017年06期 　论文类型：期刊论文

【摘要】：通过私募通数据库搜集数据构造匹配样本,对比研究创业投资引导基金(简称引导基金)单独投资和联合投资对创业企业融资的影响。研究结果表明:当引导基金单独投资时,引导基金投资的创业企业与私人创投基金投资的创业企业在首次融资额、后续融资额、总融资额三个方面均不存在显著差异;当引导基金联合投资时,引导基金投资的创业企业首次融资额、后续融资额、总融资额均显著地多于私人创投基金投资的创业企业。上述结论表明,引导基金联合投资可以促进创业企业融资,因此引导基金应当坚持联合投资模式。
[Abstract]:By collecting data structure matching samples from private placement database, this paper compares the effects of individual investment and joint investment of venture capital guidance fund on venture capital financing. The results show that: when leading fund is invested alone, There is no significant difference in the amount of initial financing, the amount of subsequent financing and the total amount of financing between the startups that lead the fund investment and those invested by the private venture fund, and when leading the joint investment of the fund, there is no significant difference in the amount of the initial financing, the amount of subsequent financing and the total amount of financing. The amount of initial financing, the amount of subsequent financing and the total amount of financing of the startups leading to the investment of the fund are significantly higher than those of the private venture capital fund. The above conclusions show that guiding the joint investment of the fund can promote the financing of the venture enterprise. Therefore, the guiding fund should adhere to the joint investment model.
【作者单位】：西北大学经济管理学院;
【基金】：教育部人文社会科学研究青年基金项目(14YJC630023);教育部人文社会科学研究规划基金项目(16YJA630015) 中国博士后科学基金面上项目(2013M540766) 陕西高等教育管理重大问题研究课题(2016ZD02)
【分类号】：F279.2;F832.51

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