3662 
3395金融支持创新的核心是发展多层次资本市场，提高创新资本形成能力。创业投资基金和股权投资基金，作为股权类私募基金的两大基金类型，谁更能促进创新资本形成呢？文章以2014-2018年私募投资基金支持的新三板挂牌企业为研究对象，考察创业投资基金和股权投资基金对企业创新水平的影响。研究发现，与股权投资基金相比，创业投资基金更能促进企业创新。进一步研究表明，创业投资基金对创新的促进作用，在高科技行业、早期接受投资（成立5年内）和民营基金管理人支持的企业中更显著。文章的研究结论有助于政策制定者厘清创业投资基金和股权投资基金的界限，充分发挥创业投资专注投早、投小、投高科技的作用，对政府提升有关扶持创业投资发展政策的针对性和有效性具有借鉴意义。
谁更能促进创新资本形成：创业投资基金抑或股权投资基金？
摘要
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引用本文
杨庆, 糜傅青, 官峰. 谁更能促进创新资本形成：创业投资基金抑或股权投资基金？[J]. 上海财经大学学报, 2021, 23(5): 21-36.
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