摘要自从国务院提出“大众创业、万众创新”战略以来，为推动“双创”工作的切实落地，各级政府纷纷出台了配套设立政府引导基金的政策，政府引导基金的规模迎来井喷式增长。
如此背景下，政府引导基金能否能有效发挥其引导社会资本和促进技术创新的作用？本文将对此进行研究，以期对我国政府引导基金的政策设计与实施路径提出合理建议。
本文遵循提出问题、分析问题、解决问题的逻辑，首先在经济外部性理论、信息不对称理论、信号假说理论和资源基础理论等多个理论基础上，结合当前我国政府引导基金的发展状况，提出政府引导基金的资金引导机制和技术创新引导机制。
其次，基于2000-2018年的政府引导基金相关数据，从全国层面和分地区层面分别对政府引导基金的资金引导效应和技术创新引导效应进行实证检验，结果显示：1）资金引导效应方面，从全国层面来看，政府引导基金可引导私人资本进入创投市场，并能将创投资本引导向早期和高科技企业；从分地区层面来看，东部地区引导基金能发挥对私人创投资本的引导效应，但不能引导创投资本投向早期企业和高科技企业；中部地区和西部地区引导基金不能发挥对私人创投资本的引导效应，也不能引导创投资本投向高科技企业，但能引导创投资本投向早期企业。
2）技术创新引导效应方面，政府引导基金在当期未能促进企业创新，但在滞后期有显著促进作用；针对区域创新水平而言，从全国层面来看，政府引导基金无论在当期还是滞后期，均能促进区域创新，分地区层面来看，东部地区引导基金在当期和滞后期均能促进区域创新，中部地区引导基金在当期和滞后期均未能促进区域创新，西部地区引导基金仅在滞后2期能促进区域创新。
基于上述分析结果，本文提出以下政策建议：政府引导基金发展应“因地制宜”；采取多路径激励创投资本投向早期和高科技企业；增强引导基金运作能力，改善其引导效应滞后性；优化引导基金存量资金配置，提高资金供给质量；建立全面、科学的基金绩效管理体系。
关键词：政府引导基金；创业投资；资金引导效应；技术创新引导效应AbstractSince the State Council put forward the strategy of “mass entrepreneurship and innovation”, in order to promote the work, governments at all levels have come up with policies to support the establishment of government guiding funds, and the scale of the guiding fund has ushered in a spurt of growth. However, in such a rapid development process, the government guiding fund has gradually revealed the problem of serious financial capital balance and the problem that its investment preference is the same as that of market-oriented funds. In such a case, can the government guiding fund effectively play its role in guiding social capital and promoting technological innovation? The research on this issue will directly affect the policy design and implementation path of China's government guiding fund, which is of great significance to promote the healthy development of China's venture capital market and regional innovation and change.This paper follows the logic of asking questions, analyzing problems and solving problems. Firstly, based on the theory of economic externality, information asymmetry, signal hypothesis, resource-based theory and financial symbiosis, combined with the current development of China's government guiding funds, the fund guiding mechanism and technical innovation guiding mechanism of the government guiding fund are derived. Secondly, the empirical analysis of the fund guiding effect and technological innovation guiding effect are carried out. Based on the data of the government guiding fund from 2000 to 2018, regression analysis is carried out at the national level and sub-regional level. The regression results show: 1) In terms of fund guiding effect, from the national level, government guidance funds can guide private capital into the venture capital market, and can guide venture capital to early and high-tech enterprises; from the regional level, the government guiding funds in the eastern region can play a guiding role in private venture capital, but it cannot guide the venture capital to early-stage enterprises and high-tech enterprises; in the central and western regions, government guiding funds cannot play a guiding role in private venture capital, nor can they guide venture capital to high-tech enterprises, but they can lead the venture capital to early-stage companies.2) In terms of technological innovation guiding effect, for the level of enterprises innovation,the government guiding funds have not had a significant impact on the level of innovation of enterprises in the current period, but can promote the level of innovation of enterprises in the lag period;for the level of regional innovation, from the national level It can be seen that the government guidance fund can promote regional innovation level both in the current period and in the lag period. At the regional level, the eastern government guidance funds can promoteregional innovation level in the current and lag periods. The central government guide funds in the current period and the lag period failed to promote the level of regional innovation. The government guidance funds in the western region can only promote the regional innovation level only after two periods of lag.Based on the above analysis results, this paper proposes the following policy recommendations: the development of government guiding funds should be “adapted to local conditions”; multi-path incentives should be used to invest in early-stage and high-tech enterprises; the operational capacity of the guiding fund should be enhanced to reduce the lag of its guiding effect; the allocation of funds of the guiding funds should be optimized and the quality of fund supply should be improved; and a comprehensive and scientific fund performance management system should be established.Key words: government guiding fund; venture capital; fund guiding effect; technological innovation guiding effect目录摘要 (I)Abstract (II)一、绪论 (1)（一）研究背景及意义 (1)1.研究背景 (1)2.研究意义 (1)（二）文献综述 (2)1.政府引导基金对私人创投资本的影响研究 (2)2.政府引导基金对创投资本投向早期企业和高科技企业的影响研究 (3)3.政府引导基金对企业创新的影响研究 (3)4.创业投资对区域创新的影响研究 (4)（三）研究思路与研究内容 (5)1.研究思路 (5)2.研究内容 (5)（四）研究方法与主要创新点 (7)1.研究方法 (7)2.主要创新点 (7)二、政府引导基金的概念界定及相关理论 (9)（一）政府引导基金相关概念 (9)1.政府引导基金的内涵 (9)2.政府投资引导基金的引导效应 (9)（二）政府引导基金的作用 (10)1.扩大创业投资资本供给 (10)2.引导资金投资方向 (10)3.提高技术创新能力 (10)（三）政府引导基金设立的理论基础 (11)1.经济外部性理论与市场失灵 (11)2.信息不对称理论 (11)3.信号假说理论 (12)4.资源基础理论 (12)（四）本章小结 (12)三、我国政府引导基金的发展现状分析 (14)（一）我国政府引导基金的发展历程 (14)（二）我国政府引导基金的发展现状分析 (15)（三）我国政府引导基金当前面临的问题 (17)1.引导基金资金结存 (17)2.引导基金偏好与市场化基金趋同 (18)3.引导基金对社会私募股权基金的挤出 (19)（四）本章小结 (19)四、政府引导基金发挥引导效应的作用机制分析 (20)（一）政府引导基金的资金引导效应机制分析 (20)1.对私人创投资本的引导效应 (20)2.对创投资本投向的引导效应 (21)（二）政府引导基金的技术创新引导效应机制分析 (22)1.对企业技术创新的促进作用 (22)2.对区域技术创新的促进作用 (22)（三）本章小结 (23)五、政府引导基金资金引导效应的实证研究 (25)（一）政府引导基金对私人创投规模的引导效应实证分析 (25)1.数据来源与样本区间 (25)2.模型设定与变量说明 (25)3.描述性统计与Pearson相关系数分析 (26)4.F检验与Hausman检验 (27)5.政府引导基金对私人创投规模引导效应的实证结果与分析 (28)6.进一步分析 (28)7.稳健性检验 (29)（二）政府引导基金对创投资本投向的引导效应实证分析 (30)1.数据来源与样本区间 (30)2.模型设定与变量说明 (30)3.描述性统计和Pearson相关系数分析 (31)4.F检验与Hausman检验 (33)5.政府引导基金对创投资本投向引导效应的实证结果与分析 (33)6.进一步分析 (34)7.稳健性检验 (35)（六）本章小结 (35)六、政府引导基金资金技术创新效应的实证研究 (37)（一）政府引导基金对企业创新水平的影响实证分析 (37)1.数据来源与样本区间 (37)2.模型设定与变量说明 (37)3.描述性统计与Pearson相关系数分析 (39)4.政府引导基金对企业创新水平影响的实证结果与分析 (41)（二）政府引导基金对区域创新水平影响的实证分析 (42)1.数据来源与样本区间 (42)2.模型设定与变量说明 (42)3.描述性统计与Pearson相关系数分析 (43)4.F检验与Hausman检验 (46)5.政府引导基金对区域创新水平影响的实证结果与分析 (46)6.进一步分析 (47)7.稳健性检验 (49)（六）本章小结 (49)第七章研究结论与政策建议 (51)（一）结论与对策建议 (51)（二）研究展望 (54)结论 (55)参考文献 (57)攻读硕士学位期间取得的研究成果 (61)致谢 (62)一、绪论一、绪论（一）研究背景及意义1.研究背景在当前经济发展形势下，创新作为生产要素之一，其重要作用愈发凸显。
