3957 
2939政府创业投资是中央或地方各级政府管理或支持的风险投资基金对创业企业进行的股权投资，旨在推动创新创业活动、服务地方经济发展。广义上，政府为推动创业投资发展而颁布的支持性政策也纳入政府创投的范畴。随着“补改投”政策的实施，政府创业投资实践快速发展，并成为创业投资生态系统中的重要角色。本文在阐述政府创投内涵及特征的基础上，按照“作用机制→影响效应←边界条件”的整合性分析框架，围绕政府创投的影响效应、作用机制和边界条件三个部分进行述评，提炼出政府创投发挥效应的一般规律。未来的研究拓展需要关注政府创投的跨层次影响效应、政府创投与其他类型创投的联合投资效应、影响效应的边界条件以及中国情境下的政府创投等。通过梳理政府创投效应的理论机制和实践效应，为推动政府创投的实践发展提供经验证据。
政府创业投资：内涵特征、影响效应与未来展望
摘要
参考文献
1 蔡莉, 单标安. 中国情境下的创业研究: 回顾与展望[J]. 管理世界, 2013, 29(12): 160-169.
2 陈晋, 李卢真, 郝斌, 等. 企业创新信号与政府风险投资——基于制度逻辑视角[J]. 管理学季刊, 2021, 6(1): 72-103,166-167.
3 燕志雄, 张敬卫, 费方域. 代理问题、风险基金性质与中小高科技企业融资[J]. 经济研究, 2016, 51(9): 132-146.
4 余琰, 罗炜, 李怡宗, 等. 国有风险投资的投资行为和投资成效[J]. 经济研究, 2014, 49(2): 32-46.
5 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.
6 Alperovych Y, Hübner G, Lobet F. How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium[J]. Journal of Business Venturing, 2015, 30(4): 508-525. DOI:10.1016/j.jbusvent.2014.11.001
7 Bertoni F, Colombo M G, Quas A. The role of governmental venture capital in the venture capital ecosystem: An organizational ecology perspective[J]. Entrepreneurship Theory and Practice, 2019, 43(3): 611-628. DOI:10.1177/1042258717735303
8 Bertoni F, Tykvová T. Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies[J]. Research Policy, 2015, 44(4): 925-935. DOI:10.1016/j.respol.2015.02.002
9 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:10.1093/rof/rfu009
10 Cumming D J, Grilli L, Murtinu S. Governmental and independent venture capital investments in Europe: A firm-level performance analysis[J]. Journal of Corporate Finance, 2017, 42: 439-459. DOI:10.1016/j.jcorpfin.2014.10.016
11 Grilli L, Murtinu S. Government, venture capital and the growth of European high-tech entrepreneurial firms[J]. Research Policy, 2014, 43(9): 1523-1543. DOI:10.1016/j.respol.2014.04.002
12 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
13 Islam M, Fremeth A, Marcus A. Signaling by early stage startups: US government research grants and venture capital funding[J]. Journal of Business Venturing, 2018, 33(1): 35-51. DOI:10.1016/j.jbusvent.2017.10.001
14 Luukkonen T, Deschryvere M, Bertoni F. The value added by government venture capital funds compared with independent venture capital funds[J]. Technovation, 2013, 33(4-5): 154-162. DOI:10.1016/j.technovation.2012.11.007
15 Murtinu S. The government whispering to entrepreneurs: Public venture capital, policy shifts, and firm productivity[J]. Strategic Entrepreneurship Journal, 2021, 15(2): 279-308. DOI:10.1002/sej.1374
16 Pahnke E C, Katila R, Eisenhardt K M. Who takes you to the dance? How partners' institutional logics influence innovation in young firms[J]. Administrative Science Quarterly, 2015, 60(4): 596-633. DOI:10.1177/0001839215592913
17 Zhang Y J. Gain or pain? New evidence on mixed syndication between governmental and private venture capital firms in China[J]. Small Business Economics, 2018, 51(4): 995-1031. DOI:10.1007/s11187-018-9989-4
引用本文
邵悦, 陈侠飞. 政府创业投资：内涵特征、影响效应与未来展望[J]. 外国经济与管理, 2024, 46(1): 108-122.
导出参考文献，格式为：
