4204 
5296实体经济的创新发展离不开金融的支持，而创投引导基金是政府从金融上支持创业企业发展的主要抓手。文章利用投中集团CVSource数据库中2006−2018年的融资事件数据，考察了民营创投在引导基金参与创业企业融资前后的参与变化情况，以回答引导基金能否发挥引导民营创投的作用。研究发现：第一，引导基金不仅在参与创业企业融资当轮对民营创投起到了引导作用，更激发了民营创投机构参与企业的后续融资；第二，引导基金在创业企业后续轮次融资中对民营创投的引导作用，依赖于后续融资轮次与引导基金首次参与轮次的时间间隔；第三，与国有管理机构相比，非国有机构管理下的引导基金具有更加明显的引导作用。文章的研究丰富了对创投引导基金作用及机制的认识，为完善引导基金管理提供了参考。
创投引导基金能否发挥引导作用？——基于企业融资视角的面板数据分析
摘要
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边思凯, 周亚虹. 创投引导基金能否发挥引导作用？——基于企业融资视角的面板数据分析[J]. 财经研究, 2020, 46(6): 155-168.
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