新世纪以来，世界范围内多个国家地区推出了一系列由政府主导的风险投资项目，国有风投机构也因此成为了全球风投市场上极为重要的参与主体。在我国，国有风投机构同样是风险投资行业中不可或缺的重要组成部分。自我国风险投资行业发展之初，国有风投机构就一直占据着重要的地位。近年来，随着以“管资本”为核心的国企改革工作的逐渐展开，国有风投机构作为该项改革的重要运行载体，受到了政府部门的高度重视和社会各界的广泛关注，其独特的重要性得到了凸显。但目前有关国有风投的学术研究仍主要聚焦于评估不同国家或地区的政府部门建立的国有风投的经营效果，很大程度上忽略了对于国有风投机构投资行为的探究，这大大削弱了现有研究的理论完备性和实践指导意义。为弥补既有学术研究中所存在的缺漏并服务于我国的国资国企管理与改革实践，本文以我国境内风险投资事件作为基础样本，从标的行业特征、投资伙伴特征以及宏观环境的影响这三个方面，对国有风投机构的投资行为及其相应的经济后果进行了研究。本文研究的主要结论可分为如下三个方面：第一，标的行业特征上，国有风投机构更多地投资于产业政策鼓励发展行业。进一步研究发现国有风投机构在对产业政策鼓励发展行业进行投资时的投资金额明显增大、投资轮次明显提前、持有期限明显变长。经济后果分析表明虽然国有风投机构在产业政策鼓励发展行业中所取得的财务成效并不突出，但在推动产业技术升级的创新成效方面则表现更佳；第二，投资伙伴的特征上，国有风投机构更加倾向于选择国有风投机构作为其投资伙伴。机制分析表明，关系联结和一致偏好是国有风投机构更多选择国有风投机构作为其投资伙伴的重要原因。经济后果分析表明纯粹由国有风投机构联合投资的成效差于国有风投机构与非国有风投机构联合的投资成效；第三，宏观环境影响上，经济政策不确定性对国有风投机构投资的负面影响更小。机制分析表明，国有风投机构在面对经济政策不确定性时所具有的信息优势是其投资额度下降较少的重要原因。经济后果分析表明，经济政策不确定性对国有风投机构投资成效的负面影响也更小。理论上，本文的研究从投资行为的角度丰富了国有风投领域的学术研究并从产权性质的角度补充了风投机构投资行为的影响因素的文献。实践上，本文以国有风投机构作为研究“管资本”问题的切入点，对这一重要的国企改革概念进行了具象化的研究，对我国国有风投机构以及国有资本的改革实践均具有重要的启发性意义。
Since the turn of the century, many countries and regions around the world have actively launched a series of government-led venture capital projects, and governmental venture capitals（GVCs hereafter） have become important participants in the global venture capital market as a result. In China, GVCs are also an indispensable and important part of the venture capital industry. Since the beginning of the development of the venture capital industry in China, GVCs have always occupied an important position. In recent years, with the gradual implementation of a new round of state-owned enterprise reforms, GVCs, as an important operational carrier of the reform, have received high attention from government officials and wide attention from all sectors of society, and their unique importance has once again been highlighted. However, it is worth noting that the current academic research on GVCs still mainly focuses on evaluating the operational performance of GVCs established by governments all around the world, to a large extent ignoring the exploration of the investment behavior of GVCs, which greatly weakens the theoretical completeness and practical guidance of existing research.In order to make up for the gaps in the existing academic research, this paper analyzes the characteristics of the target industry selection, syndication partner selection, macro timing selection of GVCs and their corresponding economic consequences. The main conclusions of this study can be divided into the following three aspects: First, in the selection of target industries, GVCs invest more in industries encouraged by industrial policies. Further analyses find that when GVCs invest in industries encouraged by industrial policies, the amount of investment increases significantly, the investment rounds are significantly advanced, and the holding period is significantly longer. In terms of investment performance, although GVCs have not achieved outstanding financial returns in industries encouraged by industrial policies, they have performed better in terms of innovation. Second, in terms of investment partner selection, GVCs are more inclined to choose GVCs as their investment partners. Mechanism analyses show that closer connections and consistent preferences are important reasons lying behind. The analysis of economic consequences shows that the performance of joint investment purely by GVCs is worse than that of joint investment by GVCs and non-GVCs. Third, in the choice of macro timing, economic policy uncertainty has less negative impact on the investment of GVCs. Mechanism analysis shows that the information advantage of GVCs in the face of economic policy uncertainty is an important reason. Analysis of economic consequences shows that economic policy uncertainty also has less negative impact on the investment performance of GVCs.Theoretically, the research in this paper enriches the relevant academic research in the field of GVCs from the perspective of investment behavior, and complements the literature on factors affecting the investment behavior of VCs from the perspective of property rights. In practice, this paper takes GVCs as the entry point to study China‘s ongoing state-owned enterprise reform, which may provide some revealing empirical evidence for the policy makers.
