| The government investment fund,which has been established for 10 years,is a non-marketing policy fund.However,government investment funds play an important role in promoting social capital and leveraging.It can better make up for the shortage of small and medium-sized enterprises and short-term investment,guide industrial investment,and promote industrial development.The Chinese government’s venture capital guidance fund has now entered a stage of rapid development.Since the establishment of the first government investment fund in 2002,government investment funds have shown rapid growth in both quantity and scale.Government investment funds help the smooth development of economic reforms by guiding capital investment in start-ups,while stimulating emerging industries and regulating the market.It is an important driving force for the smooth implementation of innovation-driven development strategies and supply-side structural reforms at this stage.However,due to the later development and institutional constraints,there are still some shortcomings in the operation of government venture investment guidance funds.Among them,the imperfect performance evaluation system for enterprises to participate in government investment funds is one of the main problems.Therefore,on the one hand,this article makes up for the lack of performance evaluation of government investment funds in academia.On the other hand,based on the empirical results,some proposed a proposal to optimize and induce fund efficiency and develop national risk investment funds.Based on the data of Chinese listed companies and government investment funds,this paper finds that there is a significant positive correlation between government investment funds and corporate operating performance,and government investment funds significantly improve corporate operating performance.Through the use of a series of robustness tests such as extending the period of lagging variables and replacing related variables or samples,the reliability and robustness of the conclusions produced in this paper have finally been further proved.In addition,the analysis of heterogeneity found that the performance improvement effect of government investment funds on non-state-owned enterprises,small enterprises,enterprises with effective internal control,and family businesses is more prominent.Considering that the model may have some endogenous problems caused by reverse causality,missing variables,etc.,this paper selects propensity score matching method and instrumental variable method identification strategies to obtain consistent research conclusions.Finally,this article puts forward some suggestions to further improve the current operating conditions of government investment funds:1.Appropriately relax the restrictions,and select the best investment targets,such as private enterprises and small-scale enterprises,family businesses and internal control Effective enterprises;2.Strengthen the promotion of the market-oriented operation of government risk investment guidance funds;3.Strengthen supervision and management,and provide reasonable and standardized guidance for capital operations;4.Strengthen the management of investment.The research in this article has a certain degree of reference significance for the related research fields of performance evaluation with government guidance funds as the object. |
