摘要：基于2011-2019年30个省份的面板数据，运用系统GMM和门槛模型实证检验了国有风险投资与私营风险投资之间的关系，进一步验证了区域异质性和门槛效应的存在。从整体水平上看，国有风险投资对私营风险投资产生了显著正向的促进作用，并受到营商环境的负向调节。进一步深入分析营商环境，发现营商硬环境在国有和私营风险投资之间的负向调节作用强于营商软环境，且营商环境各要素指标在二者之间的调节作用也存在差异。最后，利用门槛回归，发现存在一个最优营商环境区间使得国有风险投资对私营风险投资的正向挤入效应最大。研究结论有助于厘清国有和私营风险投资之间的关系及影响机制，对推动经济高质量发展具有参考意义。此外，从优化营商环境机制及提升国有风险投资有效性方面提出新视角下的政策建议。

Abstract: Based on the panel data of 30 provinces from 2011 to 2019, this article empirically analyzes the relationship between government venture capital and private venture capital by using the systematic GMM method and threshold model and further verifies the existence of threshold effect and regional heterogeneity. At the overall level, government venture capital has a significant positive crowding effect on private venture capital and is negatively regulated by the business environment. Further in-depth analysis of the business environment shows that the negative moderating effect of the hard business environment on government and private venture capital is stronger than that of the soft business environment, and the moderating effect of various factors of the business environment is also different between the two. Finally, by using threshold regression, it is found that there is an optimal business environment which makes the positive crowding effect of government venture capital to private venture capital maximum. The conclusion of this study is helpful to clarify the relationship and influence mechanism between government and private venture capital, which has reference significance for promoting high-quality economic development. In addition, the article puts forward some policy suggestions for optimizing the regional business environment mechanism and improving the effectiveness of government venture capital.