政府引导基金改善科技创新企业经营情况的研究基于科创板上市公司的实证分析

近年来，政府引导基金逐渐成为财政支持高新技术产业发展的主要方式，用于改善科技创新企业早期经营情况。为评估国内政府引导基金改善科技创新企业经营绩效及信息不对称问题的情况，本研究对2019年7月22日至2021年7月21日在科创板上市的311家公司采用均值比较分析、多元回归分析法进行实证检验，结果显示：（1）对于偿债能力及盈利能力，有政府引导基金参与的企业的财务指标表现不及无政府引导基金参与的企业；（2）政府引导基金的参与没有改善企业与承销商之间的信息不对称问题，但改善了企业内部与外部投资者之间的信息不对称问题。

Research on the Government Venture Capital to Improve the Operation of Sci-Tech Innovation EnterprisesBased on the Empirical Analysis of Listed Companies on the SSE STAR Market

Government venture capital has gradually become the main method of financial support for the high-tech industry in recent years, which is used to improve the early operation of Sci-Tech innovation enterprises. Based on the data of 311 companies listed on the SSE STAR Market from July 22, 2019 to July 21, 2021, the paper analyzes how the Chinese government venture capital improves the business performance and solves the information asymmetry of Sci-Tech Innovation enterprises., and the empirical results show that : (1)For the profitability and solvency, financial indicators of these companies with the participation of government venture capitals are not as good as those without the participation of government venture capitals; (2)The participation of government venture capitals does not solve the information asymmetry between enterprises and underwriters, but solves the information asymmetry between enterprises and investors.