中文摘要：

通过私募通数据库搜集大样本数据构造匹配样本，研究引导基金参股时为私人资本提供的补偿机制对其引导效应的影响。主要研究结论如下：①虽然亏损补偿会显著减少创投基金的LP个数，收益补偿、亏损补偿加上固定收益补偿会显著增加创投基金的IJP个数，但是所有的补偿机制都不会显著增加或减少创投基金的基金规模：②收益补偿、固定收益补偿以及市场化运作会显著降低新LP出资额占创投基金总额的比例；③收益补偿、固定收益补偿、收益补偿加上固定收益补偿、亏损补偿加上固定收益补偿以及市场化运作会显著降低新LP个数占创投基金LP总个数的比例。

英文摘要：

The impact of compensation mechanism of China＇s Government Venture Capital Guiding Funds （GVCGFs） on their guiding effects is investigated in this paper under the investment mode of equity participation by collecting matching samples from the PE data Database. The main results are summed up as follows. ①The loss compensation reduces, the revenue compensation and the loss compen- sation plus fixed-revenue compensation increase the LP number of VC funds significantly, but no compensation mechanisms increase or reduce significantly the size of VC funds. ②The revenue compensation, the fixed-revenue compensation and the market-oriented opera- tion decrease the proportion of total commitments accounted for the new LPs in the VC funds. ③The revenue compensation, the fixed- revenue compensation, the revenue compensation plus fixed-revenue compensation, the loss compensation plus fixed-revenue compen- sation, and the market-oriented operation decrease the percentage of the new LPs in the VC funds. Key words： Government Venture Capital Guiding Fund; Equity participation; Compensation mechanisms; Guiding effects