政府出资产业投资基金的资金投向分布分析

以2015—2019年政府出资产业投资基金所作投资的311家上市企业为研究样本，分析政府出资产业投资基金在行业、地区、产权性质三方面的投向分布。研究发现:政府出资产业投资基金以战略新兴行业为主，其在非基本公共服务业的投资有限，存在追逐行业热点的特征；基金主要投向东部地区，中西部地区投资不足，但有逐渐上升的趋势，引流作用开始体现；基金投向主要向民营企业倾斜，数量和金额普遍上升，国有企业具有较高的投资集中度且有上升的态势

An Analysis on the Distribution of Government Sponsored Industry Investment Funds

Taking the 311 listed companies invested by the government sponsored industry investment funds from 2015 to 2019 as a sample,the investment distribution of the funds in aspects of industry,region,and nature of property rights is studied.The research has found that government sponsored industry investment funds are mainly distributed in strategic emerging industries and limited in non basic public service industries,showing a chase of industry hotspots.The main part of the funds goes to the eastern region,and an insufficient yet gradually increasing sum goes to the central and western regions,which indicates the rising role of drainage.Finally,the funds are prioritized to produce an increasing number of funded private enterprises with greater amount of funds,while the state owned enterprises have a high and increasing degree of investment concentration.