文献类型：期刊文献

英文题名：Modelling Investment Choice Preference of Government Venture Capital Guiding Funds

作者：Yang, Sijing[1];Cui, Jing[2]

第一作者：Yang, Sijing

通讯作者：Cui, J[1]

机构：[1]Xiangtan Univ, Business Sch, Xiangtan 411105, Peoples R China;[2]Beijing Union Univ, Management Coll, Beijing 100101, Peoples R China

第一机构：Xiangtan Univ, Business Sch, Xiangtan 411105, Peoples R China

通讯机构：[1]corresponding author), Beijing Union Univ, Management Coll, 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-s2.0-85115765938);WOS:【SCI-EXPANDED(收录号:WOS:000697292600002)】；

基金：This work was supported by Research Base of Budget and Accounting Theory in Hunan Province; Scientific Research Project of Hunan Provincial Education Department (Project No.17C1559); Beijing Social Science Foundation Project (Project No.18GLC049); General social science projects of scientific research plan of Beijing Municipal Education Commission and (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：The continuous development of the government venture capital guiding funds (hereinafter referred to as the "government guiding funds") has provided financial support and development opportunities for the development of many small- and medium-sized enterprises (SMEs), and government guiding funds have been paid attention by more and more entrepreneurs and investors of SMEs. This paper takes the SMEs listed on the National Equities Exchange and Quotations ("NEEQ," known as the New Third Board) as a research sample, systematically examines the factors that influence the selection of investment objects of government guiding funds, and studies the preference of government guiding funds from the aspects of financial characteristics and corporate governance of SMEs. The research results show that on one hand, ownership concentration, date of establishment, and asset size are significantly related to government guiding funds, while the return on equity (ROE), the asset-liability ratio, liquidity of assets, growth rate of main business income, and the operating net profit ratio failed to pass the significance test; on the other hand, operating profit ratio, investment interests, asset size, and the amount of investment of government guiding funds are significantly related, while investment rounds, date of establishment, ownership concentration, ROE, asset-liability ratio, liquidity of assets, and operating net profit ratio failed the significance test.