中文摘要：

本文通过私募通数据库搜集数据构造匹配样本,研究创业投资引导基金（以下简称引导基金）参股对创投机构后续募资的影响。研究发现：（1）引导基金参股非国有背景创投机构会促进其后续募资,参股国有背景创投机构会阻碍其后续募资。（2）无论引导基金参股高声誉还是低声誉创投机构,都不会促进其后续募资。上述结论支持政治关联假说,但不支持认证假说,表明引导基金应当优先考虑参股非国有背景创投机构。

英文摘要：

By collecting matching samples from the PEdata Database, this paper investigates the impact of equity partici- pation of China＇ s government venture capital guiding funds （GVCGFs）on the follow-on fundraising of venture capital firms（VCFs）. The main conclusions are summed up as follows： （1）The equity participation of GVCGFs would promote the follow-on fundraising if they participate in the non-state-backed VCFs, but hinder the follow-on fundraising if they participate in the state-backed ones. （2）The equity participation of GVCGFs could not promote the follow-on fundraising whether they participate in the high-reputation or in the low-reputation VCFs. The results above support the political connection hypothesis, but do not support the certification hypothesis, indicating that GVCGFs should give priority to participate in the non-state-owned VCFs.