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通过私募通数据库搜集大样本数据构造匹配样本,实证研究引导基金参股投资时的参股对象选择对其杠杆效应的影响。研究结论表明:(1)引导基金参股低声誉创投机构的杠杆效应高于参股高声誉创投机构。(2)引导基金参股非国有背景创投机构的杠杆效应高于参股国有背景创投机构。(3)引导基金参股创投成熟地区创投机构的杠杆效应高于参股创投落后地区创投机构。
Through collecting large samples of data through the PJT database to construct matching samples, this paper empirically studies the influence of the participants’ choice on the leverage effect when the funds invest in shares. The conclusion of the research is as follows: (1) Leveraged equity participation in low reputation venture capital institutions is higher than that of high reputation venture capital firms. (2) Guiding fund participation in non-state-owned background The leverage of venture capital institutions is higher than that of venture capital institutions participating in state-owned shares. (3) The Leveraged Effect of Guiding Fund Venture Capital Partners in Mature Area Venture Capital Institutions is Higher than that of Venture Capital Investment Institutions Having Venture Capital Outsourced.