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| Could Chinas Government Venture Capital Guiding Funds Guide Social Funds into Venture Capital Market? |
| Yang Minli1,2,Wang Han1,Dong Jianwei2 |
| 1.School of Economics and Management,Xian University of Technology,Xian 710054,China; 2.School of Economics and Management,Northwest University,Xian 710127,China |
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Abstract The guiding effects of government venture capital guiding funds(GVCGFs)on social funds are investigated with difference in differences method based on propensity score matching(PSM-DID) from the city level in this paper.Firstly,data are collected from Zero2IPO Database to determine the cities which have set up GVCGFs.Secondly,one-match samples are selected from the cities without GVCGFs to the cities with GVCGFs by propensity score matching(PSM).At last,the venture capital market differences between the cities with and without GVCGFs are examined empirically with the difference in differences(DID) models.Empirical results show that,after the establishment of GVCGFs,the overall venture capital commitments,the amount of newly founded venture capital firms,and the numbers of limited partners entering the venture capital market for the first time are higher in cities with GVCGFs than those in cities without GVCGFs.
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Received: 08 April 2015
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2015, Vol. 0 
