创业投资引导基金的补偿机制对引导效应的影响

摘要
图/表
参考文献
相关文章 (2)

全文: PDF (1095 KB) HTML (1 KB)
输出: BibTeX | EndNote (RIS)

摘要通过私募通数据库搜集大样本数据构造匹配样本,研究引导基金参股时为私人资本提供的补偿机制对其引导效应的影响。主要研究结论如下:①虽然亏损补偿会显著减少创投基金的LP个数,收益补偿、亏损补偿加上固定收益补偿会显著增加创投基金的LP个数,但是所有的补偿机制都不会显著增加或减少创投基金的基金规模;②收益补偿、固定收益补偿以及市场化运作会显著降低新LP出资额占创投基金总额的比例;③收益补偿、固定收益补偿、收益补偿加上固定收益补偿、亏损补偿加上固定收益补偿以及市场化运作会显著降低新LP个数占创投基金LP总个数的比例。

	服务

	把本文推荐给朋友
	加入我的书架
	加入引用管理器
	E-mail Alert
	RSS
	作者相关文章
	董建卫
	郭立宏

关键词 ：创业投资引导基金, 参股, 补偿机制, 引导效应

Abstract：The impact of compensation mechanism of China's Government Venture Capital Guiding Funds(GVCGFs) on their guiding effects is investigated in this paper under the investment mode of equity participation by collecting matching samples from the PE data Database.The main results are summed up as follows.①The loss compensation reduces,the revenue compensation and the loss compensation plus fixed-revenue compensation increase the LP number of VC funds significantly,but no compensation mechanisms increase or reduce significantly the size of VC funds.②The revenue compensation,the fixed-revenue compensation and the market-oriented operation decrease the proportion of total commitments accounted for the new LPs in the VC funds.③The revenue compensation,the fixed-revenue compensation,the revenue compensation plus fixed-revenue compensation,the loss compensation plus fixed-revenue compensation,and the market-oriented operation decrease the percentage of the new LPs in the VC funds

Key words： Government Venture Capital Guiding Fund Equity participation Compensation mechanisms Guiding effects

收稿日期: 2016-05-19

PACS:

F204

基金资助:国家自然科学基金项目(71572146),教育部人文社会科学研究基金项目(14YJC630023、15YJA630086、16YJA630015),中国博士后科学基金项目(2013M540766),陕西省教育厅科学研究计划项目(14JK1494) 。

作者简介: 董建卫(1978-),男,陕西延川人,西北大学经济管理学院博士后;研究方向:创业投资与创新金融。

引用本文:

董建卫,郭立宏. 创业投资引导基金的补偿机制对引导效应的影响[J]. 中国科技论坛, 2017(4): 5-12.
Dong Jianwei,Guo Lihong. The Impact of Compensation Mechanism of GVCGFs on Their Guiding Effects. , 2017(4): 5-12.

链接本文:

http://www.zgkjlt.org.cn/CN/Y2017/I4/5

[1] 张明喜,郭戎.中国创业风险投资的发展近况及思考[J] .中国科技论坛,2015(2):20-26.
[2] 熊维勤.引导基金模式下的政府补偿及其激励效应[J] .系统工程理论与实践,2013,33(8):1926-1933.
[3] 孟卫东,王利明,熊维勤.创业投资引导基金中公共资本对私人资本的补偿机制[J] .系统工程理论与实践,2010,30(9):1572-1578.
[4] J SKEL INEN M,MAULA M,MURRAY G.Profit distribution and compensation structures in publicly and privately funded hybrid venture capital funds[J] .Research policy,2007,36(7):913-929.
[5] BUZZACCHI L,SCELLATO G,UGHETTO E.Investment stage drifts and venture capital managerial incentives[J] .Journal of corporate finance,2015,33:118-128.
[6] 杨敏利,李昕芳,仵永恒.政府创业投资引导基金的引导效应研究[J] .科研管理,2014,35(11):8-16.
[7] 杨敏利,王晗,董建卫.政府引导基金能引导社会资金进入创投市场吗?[J] .中国科技论坛,2015(11):107-111.
[8] CARVELL S A,KIM J-Y,MA Q,UKHOV A D.Economic and capital market antecedents of venture capital commitments(1960—2010)[J] .International entrepreneurship and management journal,2013,9(2):167-182.
[9] FLIX E G S,PIRES C P,GULAMHUSSEN M A.The determinants of venture capital in Europe — evidence across countries[J] .Journal of financial services research,2013,44(3):259-279.
[10] BERTONI F,TYKVOV T.Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies[J] .Research policy,2015,44(4):925-935.
[11] 邢恩泉.基于资金引导模式的政府引导创业投资的经济学模型分析[J] .投资研究,2014,33(12):25-41.
[12] 杨敏利,郭立宏,仵永恒.政府干预与风险资本市场:基金的基金[J] .人文杂志,2013(10):41-47.
[13] 国丽娜.促进科技和金融结合试点的实践浅析及启示[J] .中国科技论坛,2015(9):109-114.