Government venture capital funds: Balancing the impact of social and financial goals on startups

IF 5.2 1区经济学 Q1 ECONOMICS

中国经济评论 Pub Date : 2024-04-30 DOI:10.1016/j.chieco.2024.102185

Jiu-Jin Li , Hung-Gay Fung , Shi An

引用次数: 0

Abstract

This study evaluates the policy objectives and efficacy of government venture capital funds (GVCs) on the performance of invested entrepreneurial ventures. Analyzing data from China on GVCs, private venture capital funds (PVCs), and foreign venture capital funds (FVCs), it reveals that GVC-supported firms surpass those backed solely by domestic PVCs in R&D investment, return on assets (ROA), Tobin's Q, and corporate social responsibility metrics. Acting as government stewards, GVCs effectively fulfill policy goals. Moreover, GVC-backed ventures attract more venture capital following their lead and achieve higher one-day returns at IPOs compared to firms backed solely by private VC funds.

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政府风险投资基金：平衡社会和财务目标对初创企业的影响

本研究评估了政府风险投资基金（GVC）的政策目标及其对所投资创业企业绩效的影响。通过分析中国的政府风险投资基金、民营风险投资基金（PVC）和外资风险投资基金（FVC）的数据，研究发现政府风险投资基金支持的企业在研发投资、资产回报率（ROA）、托宾Q值和企业社会责任等指标上都超过了仅由国内PVC支持的企业。作为政府管理者，全球价值链有效地实现了政策目标。此外，与仅由私人风险投资基金支持的企业相比，全球风险投资公司支持的企业吸引了更多风险资本的追随，并在首次公开募股时获得了更高的单日回报。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

中国经济评论 ECONOMICS-

CiteScore

10.60

自引率

4.40%

发文量

380

期刊介绍： The China Economic Review publishes original works of scholarship which add to the knowledge of the economy of China and to economies as a discipline. We seek, in particular, papers dealing with policy, performance and institutional change. Empirical papers normally use a formal model, a data set, and standard statistical techniques. Submissions are subjected to double-blind peer review.

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