中文摘要：

引导创投资本投向早期企业和高科技企业是出台政府引导基金政策的重要目标之一。文章从创投机构层面评估政府引导基金对创投资本投向的引导作用。首先通过CVSource数据库确定管理政府引导基金的创投机构,然后从没有管理政府引导基金的创投机构中选取匹配样本,最后运用双重差分模型检验这两类创投机构投资的差异。研究发现：（1）政府引导基金能引导非国有背景的创投机构投向早期企业,但不能引导国有背景的创投机构投向早期企业;（2）政府引导基金既不能引导非国有背景的创投机构投向高科技企业,也不能引导国有背景的创投机构投向高科技企业。由此可知,政府引导基金政策只对部分创投机构起到了引导作用。

英文摘要：

Guiding venture capital into early- stage enterprises and high- tech enterprises is a target of China＇s Government Venture Capital Guiding Funds（ GVCGFs） policy. This paper investigates the guiding effects of GVCGFs on the investment direction of venture capital from the venture capital firms（ VCs） level. Firstly,determine the VCs which have managed GVCGFs by the data collected from CVSource Database. Secondly,select matching samples from the VCs which haven＇t managed GVCGFs. At last,examine the investment differences between these two types of VCs with difference- in- differences（ DID） models. The results show that：（ 1） GVCGFs can lead non- government- backed VCs to invest in early- stage enterprises,but can＇t lead government- backed VCs to invest in early- stage enterprises;（ 2） GVCGFs can＇t lead non- government- backed or government- backed VCs to invest in high- tech enterprises. In conclusion,GVCGFs policy have guiding effects on some of the VCs.