Abstract: The government venture capital guiding funds (GVCGFs) play an important role in China's venture capital market and shoulder important policy missions. In this paper，I use the issuance of provincial GVCGFs policy and GVCGFs's equity participation in venture capital enterprises(VCEs)as exogenous events and perform the difference-in differences (DID) test based on the data of venture investments from PEdata, to evaluate the guiding effects of GVCGFs from the market level and the enterprise level. This study finds that: (1) the issuance of the GVCGFs policy and GVCGFs' participation in venture capital market can significantly promote the fundraising and investment activities and expand the scale of venture capital market. (2) The GVCGFs fail to guide VCEs into earlier start-ups, but can guide them into technology-based enterprises. After distinguishing the ownership nature of VCEs, it is found that the guiding effects on non-state VCEs are generally better than that of state-owned VCEs. (3) The guiding effects of loss compensation are relatively the best, followed by the combination of loss compensation and revenue compensation, and the revenue compensation. The conclusions of this paper have enlightening significances for understanding the policy effects of the GVCGFs and optimizing the GVCGFs policy.

摘要： 创业投资引导基金在我国创业市场占有重要地位并肩负重要政策使命。本文分别以引导基金政策出台和引导基金参股创投机构作为外生事件冲击，利用私募通数据库的创业投资样本数据和双重差分模型，从创投行业和创业企业两个层面对引导基金的政策实施效果进行了系统评估。研究发现：（1）引导基金政策的出台及其对创投行业的参与，显著地促进了行业募资和投资活动，扩大了行业规模；（2）引导基金未能引导创投机构投向更早期的创业企业，但能引导创投机构投向科技型企业。区分创投机构所有制性质后发现，引导基金对非国有创投机构的引导效果总体要优于国有创投机构；（3）采用亏损补偿方式带来的引导效果相对最好，其次分别为亏损补偿+收益类补偿、收益类补偿。本文研究结论对于认识引导基金政策效果、完善和优化引导基金政策体系具有启发意义。