服務本地卻適得其反？ 國有風險投資本地化對新創企業創業融資的影響研究

服務本地卻適得其反？

國有風險投資本地化對新創企業創業融資的影響研究

郝斌 ¹ 張詩韻 ^1,* 納羽貝 ¹

（1. 西交利物浦大學，江蘇 蘇州，215123)

摘　要：為了提升國有風險投資（GVC）服務地方經濟的效果，各地決策部門往往會設置基金返投比，即規定 GVC 投向本地的資金占基金總額的比例。本文關注 GVC 本地化策略對其投資項目後續發展的影響，探究本地投資占比與企業下輪融資之間的關係。我們假設，GVC 本地投資占比過高會對其風險管控能力產生不利影響，進而影響到投資項目的選擇和投後培育與扶持，最終不利於被投企業獲得進一步融資。基於我國 GVC 投資事件數據，本文研究發現：（1）GVC 本地投資占比會對企業獲得下輪融資產生負向影響；（2）GVC作為早期投資者會增強 GVC 本地投資占比與下輪融資之間的負向作用；（3）聯合投資會削弱 GVC 本地投資占比與下輪融資之間的負向作用；（4）GVC 投資集中度也會顯著削弱GVC 本地投資占比與下輪融資之間的負向作用。

關鍵字：國有風險投資，本地投資占比，新創企業，分階段融資

Serving Local Yet Achieving Opposite Outcomes?

Governmental Venture Capital’s Localization Strategy and Start-up Staged Financing

HAO Bin¹ZHANG Shiyun^1,* NA Yubei¹

(1.Xi’an Jiaotong-Liverpool University, Suzhou Jiangsu, 215123）

Abstract: To improve governmental venture capital (GVC)’s function of serving regional development, regional governments have a strong motivation to set up a threshold of local investment ratio, which refers to the ration of local investment to the total size of fund. In this study, we investigate how local investment ratio affects the hazard of start-ups receiving staged financing. We argue that the set-up of local investment ratio can be harmful to GVC’s development of risk management capability which in turn, brings about negative impact to start-up’s staged financing. Drawing on data of China’s GVC investments, our empirical analyses show that: (1) GVC’s local investment ratio negatively affects start-up’s staged financing; (2) Early investor strengthens the negative relationship between local investment ration and start-up’s staged financing; (3) Syndication weakens the negative relationship between local investment ration and start-up’s staged financing; (4) GVC investment concentration also weakens the negative relationship between local investment ration and start-up’s staged financing.

Key words: Governmental venture capital; Local investment ratio; Start-up; Staged financing

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