Analysis On The Impact Of Government Guidance Fund On The Capability Of Sub Fund To Capture Unicorn Enterprises

Unicorn enterprises,as a group of enterprises with strong innovation capacity and huge growth potential,to a certain extent,have demonstrated the country’s innovation capacity in new formats,new models,new technologies and other aspects.The development of unicorn enterprises has important strategic significance for the scientific and technological progress and innovative development of a country or region.This paper initially locks the relationship between the government-guided fund and unicorn enterprises by analyzing the model and role of the government-guided fund and the number of investment and financing structures of unicorn enterprises.At the same time,the signal effect theory and the government guidance effect theory are introduced to analyze the relationship between the government guidance fund,sub-fund and unicorn enterprises.At the same time,this paper selects the government-guided fund established in 2014-2017 for empirical test,constructs the balanced panel data through manual data processing,and represents the capture ability of unicorn enterprises by the proportion of the number of unicorn enterprises invested in the fund every year.The government-guided fund establishes a sub-fund to construct a quasi-natural experiment,and adopts the multi-time double difference(DID)model to empirically analyze the influence of the government-guided fund on the capture ability of its sub-fund unicorn enterprises.At the same time,in the robustness test,PSM-DID is used to eliminate the influence of endogenous factors to some extent.The empirical results show that the government will guide the fund to set up a sub-fund in the form of partnership and hire an external institution to manage the sub-fund,which will increase the probability of the management institution investing in the unicorn enterprise;Then,through further analysis,the influence on the capture ability of unicorn enterprise,the management institution,is separated from the total effect.The analysis results show that the government guidance fund can significantly improve the capture ability of unicorn enterprise,its sub-fund management institution.In addition,the influence mechanism is further analyzed,and the results show that(1)the information asymmetry in the venture capital market restricts the ability of unicorn enterprises to capture and delays the training process of unicorn enterprises.The government guidance fund will ease the information asymmetry of its sub-fund with its own unique information advantages,thus improving its unicorn enterprise capture ability.(2)The government guidance fund will standardize the capital investment and guide more funds to invest in start-up enterprises,and the increase in the investment ratio of start-up enterprises will improve the unicorn enterprise capture ability of its sub-fund management institution.