文献类型：期刊文献

英文题名：Determinants of Investment Timing of Government Venture Capital Guiding Funds in China

作者：Cui, Jing[1];Zhang, Shuqin[1];Yin, Xianan[1];Xu, Kun[1]

第一作者：崔婧

通讯作者：Yin, XA[1]

机构：[1]Beijing Union Univ, Sch Management, Beijing 100101, Peoples R China

第一机构：北京联合大学管理学院

通讯机构：[1]corresponding author), Beijing Union Univ, Sch Management, Beijing 100101, Peoples R China.|[1141755]北京联合大学管理学院;[11417]北京联合大学;

年份：2021

卷号：2021

外文期刊名：DISCRETE DYNAMICS IN NATURE AND SOCIETY

收录：;Scopus(收录号：2-s2.0-85114095337);WOS:【SSCI(收录号:WOS:000691082600001)，SCI-EXPANDED(收录号:WOS:000691082600001)】；

基金：This work was supported by Beijing Social Science Foundation Project (Project No. 18GLC049), General social science projects of scientific research plan of Beijing Municipal Education Commission (Project No. SM201911417006), and the Academic Research Projects of Beijing Union University (Project No. SK20202005; No. XP202011; No. JS10202004).

语种：英文

摘要：With the prosperity of venture capital, all kinds of government venture capital guiding funds have sprung up, and the scale is explosive growth. However, the current investment of government guiding funds in enterprises has not fundamentally solved the financial difficulties in the early development of enterprises. This study examines the determinants of investment timing of government guiding funds. We investigate this question using the data of China's new three board companies that have been invested by government guiding funds in the year of 2015-2016. We find that government guiding funds enter the enterprises into developed areas earlier. The innovation ability and the market competitiveness of the invested enterprises are positively correlated with the investment timing of government guiding funds. There is no significant relationship between the investment proportion of government guiding funds and the timing of entering the enterprises. The research of this paper can provide theoretical reference for the subsequent optimization of the resource allocation and provide ideas and methods for the policy improvement and management optimization of government venture capital guiding funds in the future.