Pacific-Basin Finance Journal, Availible, February 2018

政府风险投资公司的表现：一个生命周期的视角和来自中国的证据

作者：Yuejia Zhang (University of Auckland, New Zealand)

David Geoffrey Mayes (University of Auckland, New Zealand)

摘要：本文从VC生命周期的角度考察了政府风险投资公司（GVCs）与民营风险资本公司（PVCs）之间的差异。与PVCs相比，GVCs在整个周期中较少获得成功。我们认为，较弱的当前绩效与未来筹资之间的相关性，以及效率较低的补偿机制可能是重要的原因。利用1991年到2010年在中国市场上的VC投资数据，我们的实证结果显示，GVC支持的公司在IPO上的表现不如PVC支持的公司。然而，GVC支持的初创企业的表现不佳，被GVC对本地资源特权所抵消，尤其是被在国内股票市场上市的优先权所抵消。一系列的稳定性检验和选择偏差检验都支持了这些结论。当考虑到那些会影响被GVC投资以及成功上市可能性的不可观测因素时，被GVCs投资的公司比被PVCs投资的公司成功上市的可能性要低26个百分点左右。

The performance of governmental venture capital firms: A life cycle perspective and evidence from China

Yuejia Zhang (University of Auckland, New Zealand), David Geoffrey Mayes (University of Auckland, New Zealand)

ABSTRACT

This paper investigates the difference between governmental venture capital firms (GVCs) and private venture capital firms (PVCs) from the perspective of a VC life cycle. Compared to PVCs, GVCs have less success over the cycle as a whole. We argue that the lack of a link between current performance and future fundraising, and a less efficient compensation mechanism for those involved may be important contributions to the explanation. Using data on VC investments in the Chinese market between 1991 and 2010, the empirical results show that portfolio companies backed by GVCs underperform those backed by PVCs in going public. However, the underperformance of GVC-backed start-ups is offset by the GVCs' privileged access to their local resources, especially the priority of getting listed on the domestic stock market. The results are supported by a series of robustness checks and selection bias tests. When taking into consideration unobservable factors that may affect the possibility of being backed by GVCs and achieving an IPO, portfolio companies backed by GVCs are around 26-percentage-points less likely to get listed on stock markets compared with those backed by PVCs

原文链接：https://www.sciencedirect.com/science/article/pii/S0927538X17300355

翻译：阙江静