创业投资引导基金的补偿机制对引导效应的影响

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Abstract The impact of compensation mechanism of China's Government Venture Capital Guiding Funds(GVCGFs) on their guiding effects is investigated in this paper under the investment mode of equity participation by collecting matching samples from the PE data Database.The main results are summed up as follows.①The loss compensation reduces,the revenue compensation and the loss compensation plus fixed-revenue compensation increase the LP number of VC funds significantly,but no compensation mechanisms increase or reduce significantly the size of VC funds.②The revenue compensation,the fixed-revenue compensation and the market-oriented operation decrease the proportion of total commitments accounted for the new LPs in the VC funds.③The revenue compensation,the fixed-revenue compensation,the revenue compensation plus fixed-revenue compensation,the loss compensation plus fixed-revenue compensation,and the market-oriented operation decrease the percentage of the new LPs in the VC funds

Key words： Government Venture Capital Guiding Fund Equity participation Compensation mechanisms Guiding effects

Received: 19 May 2016

PACS:

F204

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	Dong Jianwei
	Guo Lihong

Cite this article:

Dong Jianwei,Guo Lihong. The Impact of Compensation Mechanism of GVCGFs on Their Guiding Effects[J]. , 2017, 0(4): 5-12.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2017/V0/I4/5

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