政府风险投资策略与绩效研究：多层次、多元逻辑冲突与互补的视角

Chinese government has set up governmental venture capitalists (GVC) and is increasingly doing so, with the aim of fostering the innovation and entrepreneurship in the society and thus boosting economic development. However, the performance or effectiveness of GVCs is controversial. Most prior studies focused on private VCs (PVCs), while there is only sparse evidence on GVCs up to now. The emerging literature on GVCs, nonetheless, often adopted public finance theory or agency theory to explain the performance of GVCs and has produced inconclusive results. However, stopping at public finance theory or agency problems of GVCs cannot explain the heterogeneity of GVCs or reveal the fundamental institutional design issues that cause the strategy and performance of GVCs. ..Acknowledging this important research gap, our research project examines the strategy and performance of GVCs from the perspective of Institutional Logics. In particular, we first articulate the plural cross-level institutional logics in which GVCs are embedded. We then develop theoretical models to explain how these cross-level conflicting/compatible logics influence GVCs’ investment strategies, which in turn impact GVCs’ investment performance. Furthermore, we also examine how the above relationships are contingent on institutional, industrial, and organizational contextual factors. Empirically, we will combine theoretical analysis and multi-case comparison to develop our theoretical frameworks, followed by STATA data analysis based on secondary data collected from multiple sources such as CVSource, Capital IQ, and PEDATA...The results of this research project will contribute to the growing research on GVC by elucidating how GVCs, when facing the complex influence of conflicting or compatible logics, form and change their investment strategies, and what the outcomes are and why. This research project will also extend Institutional Logics Perspective by developing contextualized theories in emerging economies like China. It will provide valuable knowledge to Chinese government by improving the understanding of GVCs, such that Chinese government can improve the institutional designs to achieve the goal of increasing innovation and entrepreneurship in the nation.

政府风险投资（GVC）被视为扭曲市场失灵、促进创新创业的新手段；但我国GVC资金大量沉淀，未能发挥有效作用。前人多采用单一视角，只考虑制度而忽视组织异质性，或只考虑组织而忽视造成组织差异的制度根源，无法合理解释我国GVC策略与绩效的问题。本课题立足我国复杂制度环境，有机结合制度与组织因素，引入制度逻辑视角，从GVC如何依赖多重主体并回应多重制度要求的角度解释GVC策略与绩效。理论上，梳理我国GVC所嵌的多层次、多元逻辑体系及逻辑间的冲突/互补关系，研究“逻辑冲突/互补—GVC投资策略—GVC投资绩效”理论链条上的关键影响机制，并界定制度、行业、组织层面的权变效应。方法上，结合文献和多案例分析进行理论建模，并运用计量经济学方法进行二手数据实证分析。研究成果将揭示我国GVC投资策略与绩效的重要制度前因，拓展与深化 GVC 战略研究，为我国政府优化配置公共/私有资源、全面扶持双创提供政策建议。

从我国政府风险投资（GVC）激增、但绩效不如预期的现实问题出发，不同于前人从公共财政理论或代理理论研究GVC绩效，本课题基于制度逻辑理论，探讨GVC如何受到多元制度逻辑的激励和约束、形成独特的投资目标和策略、并对投资绩效产生影响。..第一，通过实地走访调研，在理论层面首次构建了我国GVC多元制度逻辑体系，指出我国GVC受两大制度逻辑的影响——国家逻辑为主，专业服务逻辑为辅，对其国家逻辑的涵义进行本土化构建，并分析其多元逻辑之间的关系。..第二，针对国内GVC数据的匮乏，开创性地开发了我国VC属性数据库，用以区分GVC与其他类型VC，并提供每家VC的政府机构股权比例、国有企业股权比例等信息。..第三，研究GVC的多元制度逻辑如何影响其投资策略，基于“企业—轮次”面板数据发现GVC受国家逻辑主导、强调国家战略方向和公共品最大化、将投资创新企业当作自身绩效衡量指标和合法性来源，因此比私有风险投资（PVC）更正向看待企业的专利信号，也会因专利信号提高对企业的估值；进一步地，随着GVC对国家逻辑的遵循程度提高（反映在国有股权比例或本地投资占比提高），专利信号对GVC投资估值的正向影响增强。..第四，探讨在多元制度逻辑的合力下我国GVC投资策略对绩效的影响，基于“企业—轮次”面板数据、双边匹配方法发现GVC国家逻辑对被投资企业获得PVC的后续投资产生负外溢效应，而基于“省—年份”面板数据发现GVC因国家逻辑对PVC投资在“无人区”的正向溢出效应。..第五，为更深入理解GVC，课题组从制度逻辑向外拓展、寻找更基础性的理论，首次提出了“GVC—企业—PVC”三元互动的研究视角，开发了全新的“前因—GVC投资过程—结果”的理论框架，阐述了具有广泛实践意义的研究机会。..本课题的研究成果揭示了我国GVC运作的制度根源，发掘了我国GVC投资策略和绩效的重要制度前因，为我国GVC制度设计、国家创新体系开发、公私资源优化配置、全面扶持创新创业提供了积极的管理政策建议。同时，产出的数据集极具原创性和开拓性，是开展该领域国内外对话的重要基础。