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4871提高政府引导基金的运作效率是各地政府关注的重点，在“政府+市场化”运作模式中，子基金管理机构发挥的作用不容忽视。地理距离作为重要的外生因素将影响子基金管理机构的投资行为，进一步影响引导基金的运作效率。本文采用2008—2019年成立的政府引导基金子基金作为研究样本进行回归发现，子基金管理机构与政府引导基金较远的地理距离将提高子基金的经济绩效，但也将降低其战略目标的实现程度。这一现象主要系因较远的地理距离减弱了政府的监督管理，提高了子基金管理机构获得的授权，使其更为自主地进行市场化投资决策，投资高利润项目而非政府引导基金标的。上述现象在管理机构能力较差，地区风险投资活跃度较低，投资速度较慢的子基金中更为明显。进一步分析发现，目前我国政府引导基金投资及子基金管理机构选择具有明显的本地偏好，在一定程度上保障了战略目标的实现，具有较高的逻辑理性。本文研究为正确认识和提高政府引导基金的运作效率提供了新的证据和政策建议。
地理距离对政府引导基金绩效的影响——基于政经互动的视角
摘要
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引用本文
杨晔, 左佳弘. 地理距离对政府引导基金绩效的影响——基于政经互动的视角[J]. 外国经济与管理, 2025, 47(10): 134-152.
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