中文摘要：

作为《国家中长期科学和技术发展规划纲要（2006—2020年）》的配套政策之一,设立创业投资引导基金（以下简称引导基金）的宗旨在于引导私人资本参与创业投资。通过私募通数据库搜集数据构建匹配样本,从创业企业层面研究引导基金投资对私人创投投资的引导作用。实证结果表明：引导基金联合投资可以引导私人创投向创业企业投资,引导基金单独投资既不能引导也不会挤出私人创投投资。使用工具变量法剔除引导基金投资创业企业的非随机选择效应后,引导基金联合投资对私人创投投资不再具有引导作用,引导基金单独投资对私人创投投资具有轻微的挤出效应。

英文摘要：

As one of the supporting policies of the ＂National Medium and Long - term Science and Technology Development Plan （2006 -2020）＂, China＇ s Government Venture Capital Guiding Funds （GVCGFs） are de- signed to guide the private capital into the entrepreneurial financing This paper investigates the guiding effect of GVCGFs investment on private venture capital （PVC） investment from the entrepreneurial enterprise finan- cing level by constructing one -match samples with Zero2IPO Database. Empirical results show that GVCGFs co- investment with PVC can guide the PVC into financing entrepreneurial enterprises. However, GVCGFs solo investment doesn＇t guide PVC, nor does crowd out PVC. Furthermore, after eliminating the nonrandom selection effect of GVCGFs investment in entrepreneurial enterprises through the instrumental variable method, GVCGFs co -investment with PVC can＇t exert the guiding effect on PVC any more, while GVCGFs solo in- vestment crowd out PVC slightly.