创业投资是国家创新能力提升与经济可持续发展的重要引擎。为有效解决创业资源配置中的市场失灵及政府直接干预创业投资市场的低效问题，创业投资政府引导基金制度应运而生，并逐渐成为创新创业政策研究领域的重要议题之一。已有研究集中于对政府引导基金运作效果的检验，较少深入到政府引导基金作用机制的剖析，故难以形成对政策改进的学术支持。鉴于此，本文结合系统理论、政策工具理论、制度压力理论和资源基础理论，在梳理相关研究文献的基础上，以创业投资政府引导基金的作用机制作为主要研究对象，从“政府引导基金—创业投资机构”、“政府引导基金—创业企业”两对关系入手，遵循“理论演绎—实证检验—政策提升”的社会科学研究路径，在立体刻画政府引导基金政策的基础上，分别研究政府引导基金对创业投资机构参与和创业企业成长的作用机制。 首先，论文基于政策文本方法，运用“主体—过程—内容”的三维框架进行政策分析。发现政府引导基金政策演进可划分为探索起步、调整兴起、逐步试点、规范运作、全面发展、积极转型等六个阶段；发展特点主要表现为数量大幅增加、区域分布广泛、形式更加多样等三个方面。从政策主体维度看，在中央层面，发文主导机构是国务院及科学技术部、国家发改委、财政部等部门，或是其中的两两或两个以上的组合，在地方层面，科学技术、财政、发展改革等三个主管部门发布的政策数量亦高于其他部门；从政策过程维度看，各省份引导基金政策的发文规模存在显著差异，在不同年份发文量各有不同，但政策的发文增长爆发点相对一致，大多在2010年后出现峰值；从政策内容维度看，中央与地方政府间的政策内容差异，反映出央地政府在推动政府引导基金运作过程中，政策的实施目标与实施手段存在不同；地方政府间的政策差异，则反映出各地方在资源禀赋或经济发展现状不同的情况下，会在贯彻落实中央政府政策的同时，综合考虑地方特色而产生差异化的政策表现。 其次，论文在探索性案例研究基础上，运用制度压力理论建构政府引导基金对创业投资机构参与作用机制的理论解释模型，并通过量表编制与大样本调查，使用结构方程模型对创业投资机构的响应动机和战略反应进行实证检验。研究发现对创业投资机构而言，政府引导基金作为一项外生的政策，所释放的制度压力体现在规制压力、规范压力与认知压力三个方面；这些制度压力源共同塑造了由规章约束—政治激励、社会约束—资源激励、竞争约束—经验激励所组成的激励约束结构，进而主导形成其对政府引导基金政策的多维响应动机，具体表现为遵循规章—政治关联、回应社会—企业成长、同业竞争—经验学习；在这些动机的推动下，机构产生不同的战略反应，表现为合作机会搜寻、投资策略调整、企业资源整合等三个维度。实证检验表明：第一，政府引导基金所产生的制度压力仅对合作机会搜寻的战略反应有直接作用，对投资策略调整和企业资源整合这两种战略反应的作用则是通过响应动机的中介作用而间接发挥的。第二，分维度而言，相对于规制压力，规范压力与认知压力在政府引导基金向创业投资机构参与发挥作用机制的过程中发挥着更为关键的作用。第三，在回应社会、政治关联这两类主导性响应动机的作用下，机构表现为投资策略调整与合作机会搜寻的战略反应；在企业成长和同业竞争动机作用下，表现为企业资源整合、投资策略调整与合作机会搜寻的战略反应；遵循规章动机影响最小，在该动机下，机构作出企业资源整合的战略反应。 再次，论文基于系统科学关于耗散结构与系统动力学模型分析，认为政府引导基金对创业企业成长的作用机制系统符合耗散结构特征，由政府引导基金、创业企业、创业投资机构、商业银行等四个主要实体和指代创业企业成长的财务融资能力、技术创新能力、组织管理能力和市场占有能力等四个子系统及系统环境构成。政府引导基金分别通过拓宽企业融资渠道、激励机构有效投资并提供增值服务和挤出社会资本、机构引导无效及市场生态失衡向子系统和系统整体输入负熵和正熵，作用机制系统总熵是正负熵作用的结果。继而使用系统工程方法，构建系统动力学模型并建立变量间的函数关系式，选取上海市为典型案例，运用Vensim软件模拟仿真。根据所设置的不同场景进行模拟，发现政府支持力度与引导基金收益让渡变量变动对系统影响最大，引导基金运作方式变化、投资约束力与合作机构投机行为等变量变动对系统影响次之。 最后，基于上述分析，提出研究结论，分别从建立不同区域协同发展机制、完善绩效评价指标体系建设、构建引导基金合作治理体制等三个方面，提出优化政府引导基金作用机制的策略建议，反思研究的不足之处并提出未来研究方向。 关键词：创业投资，政府引导基金，作用机制，创业投资机构，创业企业

Venture capital investment is an important engine for the improvement of national innovation capability and sustainable development of economy. In order to effectively solve the market failure in the allocation of entrepreneurial resources and the inefficient government intervention in the venture capital market, the venture capital government guiding fund system came into being and become one of the important topics in the field of innovation and entrepreneurship research. However, existing research is more about the government guiding funds operation effect, but lack of in-depth discussion on its mechanism and is hard to provide theoretical support for government's effective decision-making.Based on System Theory, Policy Instrument Thoery, Insititutional Pressure Therey and Resource Based Theorey, this paper takes the influencing mechanism of venture capital government guiding fund as main research object. Following the social science research approach of "theoretical deduction-empirical test-policy implication", it studies the Influencing Mechanism for Institutional Involvement and Entrepreneurship Growth respectively on the basis of stereoscopic policy environment description. Firstly, this article analyzies the government guiding fund policy using the three-dimensional analysis framework of "subject-process-content". It finds that the policy evolution procedure can be divided into six stages: explore and start, adjust and rise, gradually pilot, standardized operate, comprehensively develop and actively transform. The development characteristics mainly include sharp increase in the number of policies, obvious regional distribution, and diverse establishment forms. From the perspective of policy subject, the leading departments to issue documents are the State Council, Ministry of Science and Technology, National Development and Reform Commission and the Ministry of Finance, the joint issuance are also from two or more of those departments. At the local level, the three departments of Science and Technology Commission, the Finance Bureau and the NDRC also formulate more policies than other departments. From the perspective of policy process, there are significant differences in policy scopes and at various provinces. However, policy issuance is relatively consistent with most of them reaching a peak after 2010. From the perspective of policy content, it finds that the difference between the central and local government policy content reflects their promoting differences, while the difference between the local level governments reflects that they would display differentiated policy performance considering their endowed resources or the economic development status quo. Secondly, on the basis of exploratory case study, it applies from viewpoint of institutional pressure and legitimacy mechanism in institutional theory and constructs the theoretical model of venture capital institutions’ participation. Based on the methods of scaling and sample survey, it further empirically tests with the use of structural equation modeling. It finds that the institutional pressure released by government guiding funds is manifested in three aspects: regulative pressure, normative pressure and cognitive pressure. These sources of pressure jointly shape the incentive-constrain structure on three levels, namely regulative constraints - political incentives, social constraints -resource incentives and competition constraints - experiences incentives. This in turn leads to the formation of venture capital firm’s response motivation, including regulation obeying - political connection, response to society -business growth and peer competition - experience learning. Driven by response motivation, firms would produce different strategic response, including cooperation opportunities searching, investment strategy adjustment and enterprise resource integration. Empirical test shows that: Firstly, the institutional pressure directly affects the institutional strategic response of the cooperative opportunity search dimension. However, the adjustment of investment strategy and the integration of corporate resources indirectly play an intermediary role in response to motivation. Secondly, in contrast to regulatory pressure, normative pressure and cognitive pressure play a key role in the involvement of venture capital firms in guiding mechanisms. Thirdly, under two dominant motivations of response to society and political connection, the organization shows the strategic response of investment strategy adjustment and cooperation opportunity serching. Under the motivation of business growth and peer competition among peers, it shows strategic response of enterprise resources integration, investment strategy adjustment and cooperation opportunities searching. Besides, regulation obeying motivation influences the least, under which the organization made strategic response of enterprise resources integratation. Thirdly, using the method of dissipative structure and system dynamics modeling from systematic science, this paper analyzes the system structure of entrepreneurial growth influencing mechanism and finds it is in accordance with the characteristics of dissipative structure. The four major entities of government guiding funds, start-ups, venture capital firms and commercial banks, together with the four subsystems of financial financing capability, technological innovation capability, organizational management capability and Market-holding capacity and also the system environment, composes the system structure. The government guiding funds separately input negative entropy by broadening corporate financing channels, encouraging the institutions to invest effectively and providing value-added services while inputs positive entropy by squeezing out social capital, leading the institutions ineffectively and market ecological imbalances into the subsystems and systems. The total entropy of guidance mechanism system is the result of joint action from those positive and negative entropy. Using system engineering method, the paper constructs a system dynamics model and establishes the functional equations. Taking Shanghai as a typical case, it applies Vensim software to simulate. According to the different set-up scenes, it finds that influencing mechanism system is affected the most from government support, operation mode changes, interest deliver, investment binding, and institutions’ speculative behaviors. Lastly, it puts forward main conclusions and further makes policy strategies of establishing regional coordinated development mechanism, improving the performance evaluation index system, and constructing the funds coordinative governance system. It then points out insufficient points and further research directions based on above analysis. KEY WORDS: venture capital, Government Guiding Funds, influencing mechanism, venture capital institution, entrepreneurial firm