Research on the Factors of Subsidy Threshold for Governmental Venture Capital——Analysis based on the perspective of Financing Constraints

Abstract：Based on the panel data of the Chinese Governmental Venture Capital（GVC）,the authors introduce the GVC financing model through the relationship between the threshold of profits transfer and the financing scale of the GVC. Then we use the System GMM method to make regression analysis on the subsidy threshold of profits transfer for GVC and its related influencing factors. Through the comparative analysis of the estimated results of the national, Eastern, Central and Western samples, it is concluded that the government’s fiscal revenue, the annual income of local residents and the income of enterprises have a positive effect on the threshold of profits transferred by the GVC. Among them, the impact of fiscal revenue is the highest, followed by the annual income of residents, the annual income of enterprises is the weakest, and foreign investment has a negative effect on the threshold of profits transfer. The degree of influence of explanatory variables on the threshold of profits transfer is different in different regions.The degree of influence of explanatory variables on the threshold of profits transfer in the eastern region is much higher than that in the central and western regions. Keywords：Governmental Venture Capital;Subsidy Threshold;Financing Constraints;SYS-GMM; Series：(J) Economics ＆ Management Subject：Investment; Finance; Securities; Finance and Tax Classification Code：F832.51;F812.45

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Recommended citation: Hou Guangyu. (2021). “Research on the Factors of Subsidy Threshold for Governmental Venture Capital——Analysis based on the perspective of Financing Constraints” Review of Investment Studies. 2021(09).