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,实证研究引导基金参股投资时的参股对象选择对其杠杆效应的影响。研究结论表明：（1）引导基金参股低声誉创投机构的杠杆效应高于参股高声誉创投机构。（2）引导基金参股非国有背景创投机构的杠杆效应高于参股国有背景创投机构。（3）引导基金参股创投成熟地区创投机构的杠杆效应高于参股创投落后地区创投机构。

英文摘要：

The impact of target selection of equity investment on the leverage effect of China’s Government Venture Capital Guiding Funds（GVCGFs） is empirically investigated through a large matching sample from PEdata Database. The new findings are summed up as follows：（1） The leverage effect of GVCGFs equity investment in the low-reputation venture capital firms（VCF） is more significant than that in the high-reputation VCFs.（2） The leverage effect of GVCGFs equity investment in the non-state-backed VCFs is more significant than that in the state-backed VCFs.（3） The leverage effect of GVCGFs equity investment in the VCFs of venture capital well-developed districts is more significant than that in the VCFs of venture capital less-developed districts.