8393 
4846国有创投在实践中能否真正地发挥引导作用?现有文献对此存在广泛争议。文章首先从机理上明确了国有创投能否发挥引导作用依赖于其先行投资的试错和信号传递功能，即鉴证效应，因而其微观表现应当是投资序列中国有创投与民营创投的"先行-跟进"关系。然后，文章使用标的为非上市企业的投资序列样本，实证检验了我国国有创投的引导作用。结果显示，在投资序列中，国有创投的介入相对较晚，且国有创投以主投方式介入时，民营创投后期参与的概率会降低，这表明国有创投的引导作用尚未得到有效发挥。进一步的原因分析表明，代理问题使得国有创投投资人缺乏履行引导职能的动力，而目标管理不足和资源支持不当是导致该问题的重要管理因素。
国有创投发挥了引导作用吗？——基于鉴证机理的实证检验
摘要
参考文献
1 王元, 张晓原, 张志宏.中国创业风险投资发展报告2015[M].北京:经济管理出版社, 2015.
5 Brander J A, Du Q Q, Hellmann T. The effects of government-sponsored venture capital:International evidence[J]. Review of Finance, 2015, 19(2):571-618. DOI:10.2139/ssrn.1573257
6 Cumming D. Public economics gone wild:Lessons from venture capital[J]. International Review of Financial Analysis, 2014, 36:251-260. DOI:10.1016/j.irfa.2013.10.005
7 Cumming D J, MacIntosh J G. Crowding out private equity:Canadian evidence[J]. Journal of Business Venturing, 2006, 21(5):569-609. DOI:10.1016/j.jbusvent.2005.06.002
8 Da Rin M, Nicodano G, Sembenelli A. Public policy and the creation of active venture capital markets[J]. Journal of Public Economics, 2006, 90(8-9):1699-1723. DOI:10.1016/j.jpubeco.2005.09.013
9 del-Palacio I, Zhang X T, Sole F. The capital gap for small technology companies:Public venture capital to the rescue?[J]. Small Business Economics, 2012, 38(3):283-301. DOI:10.1007/s11187-010-9275-6
10 Ferrary M. Syndication of venture capital investment:The art of resource pooling[J]. Entrepreneurship Theory and Practice, 2010, 34(5):885-907. DOI:10.1111/j.1540-6520.2009.00356.x
11 Guerini M, Quas A. Governmental venture capital in Europe:Screening and certification[J]. Journal of Business Venturing, 2016, 31(2):175-195. DOI:10.1016/j.jbusvent.2015.10.001
12 Leleux B, Surlemont B. Public versus private venture capital:Seeding or crowding out? A pan-European analysis[J]. Journal of Business Venturing, 2003, 18(1):81-104. DOI:10.1016/S0883-9026(01)00078-7
13 Lerner J. The government as venture capitalist:The long-run impact of the SBIR program[J]. The Journal of Business, 1999, 72(3):285-318. DOI:10.2139/ssrn.4746
14 Munari F, Toschi L. Assessing the impact of public venture capital programmes in the United Kingdom:Do regional characteristics matter?[J]. Journal of Business Venturing, 2015, 30(2):205-226. DOI:10.1016/j.jbusvent.2014.07.009
引用本文
左志刚, 石方志, 谭观钦. 国有创投发挥了引导作用吗？——基于鉴证机理的实证检验[J]. 财经研究, 2017, 43(12): 17–29.
导出参考文献，格式为：
下一篇：行政垄断加剧了企业生存风险吗?
