政府风险投资与投资者情绪：来自中国政府引导基金的证据

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-03 DOI:10.1016/j.intfin.2025.102120

Xinfei Huang , Yue Zhang , Zhe Zong

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引用次数: 0

摘要

虽然政府支持的风险资本（GVC）在影响公司经营绩效方面的作用已得到充分证明，但其对金融市场的潜在影响仍未得到充分探讨。本文旨在以中国风险投资市场为背景，填补这一空白。自2002年以来，中国政府推出了一种政策性风险投资基金——政府引导基金（ggf），以刺激创新、产业转型和地方经济增长。我们以2010年至2021年的2,860家IPO公司为样本，发现ggf支持的IPO的初始回报率高于非风险投资支持的IPO和非ggf风险投资支持的IPO。对初始回报的分解表明，这种效应是由市场估值过高而非IPO价格折扣推动的。与投资者情绪和信号理论一致，我们的研究结果表明投资者对ggf支持的公司持乐观态度。然而，在评估ipo后的运营和创新表现时，ggf支持的公司的表现并不优于同行。总体而言，本文强调了全球风险基金在金融市场中的信号效应，并为全球风险基金项目的设计提供了重要的政策启示。

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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Governmental venture capital and investor sentiment: Evidence from Chinese government guidance funds

While the role of government-backed venture capital (GVC) in influencing companies’ operating performance has been well-documented, its potential impact on the financial market remains less explored. This paper aims to fill this gap in the context of China’s venture capital market. Since 2002, the Chinese government has launched a type of policy VC fund—government guidance funds (GGFs)—to stimulate innovation, industrial transformation, and local economic growth. Using a sample of 2,860 IPO companies from 2010 to 2021, we show that GGF-backed IPOs exhibited higher initial returns than both non-VC-backed and non-GGF VC-backed IPOs. A decomposition of the initial returns reveals that this effect was driven by market overvaluation rather than IPO price discounts. Consistent with investor sentiment and signaling theory, our results suggest that investors held optimistic views towards GGF-backed companies. However, when assessing post-IPO operating and innovation performance, GGF-backed companies did not outperform their counterparts. Overall, this paper highlights the signaling effects of GGFs in the financial market and provides important policy implications for the design of GVC programs worldwide.

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.