政府引导基金对科创板企业技术创新的影响

The Impact of Government Guidance Funds on Technological Innovation in STAR Market Enterprises

摘要: 随着世界百年未有之大变局加速演进，政府引导基金作为一项典型工具，旨在弥补市场失灵，并充分结合了有为政府的理念。本文以2019~2023年我国科创板企业相关数据为初始研究样本，采用PSM-DID模型研究政府引导基金对企业技术创新的影响，在进行稳健性检验后进一步探讨其作用机制并进行异质性检验，最终得出结论：第一，政府引导基金对企业技术创新具有显著的促进作用，具体表现在提高企业创新数量和创新专利质量；第二，政府引导基金能够通过与政府补贴的协同作用以及提高研发投入促进企业技术创新；第三，对于制造业、位于低市场化环境的企业，政府引导基金对其技术创新水平的促进效果更强。基于上述结论，本文从制度、监管、企业三个层面提出了相应的政策建议，丰富了引导基金在微观层面的研究，且突破性地从直接和间接渠道深入挖掘其作用机制，为政府探索引导基金的发展道路提供了有力参考。

Abstract: Against the backdrop of accelerating transformations unprecedented in a century, government guidance funds (GGFs) have emerged as a prominent policy instrument designed to address market failures and operationalize the concept of a proactive government. Utilizing a dataset comprising firms listed on China’s Science and Technology Innovation Board (STAR Market) from 2019 to 2023 as the initial sample, this study employs a Propensity Score Matching combined with Difference-in-Differences (PSM-DID) methodology to empirically investigate the impact of GGFs on corporate technological innovation. Following robustness checks, the underlying mechanisms and heterogeneity of effects are further examined. The findings demonstrate: (1) GGFs exert a statistically significant positive effect on corporate technological innovation, manifesting in both an increase in the quantity of innovation outputs and an enhancement in the quality of patented innovations. (2) GGFs facilitate technological innovation through complementary effects with government subsidies and by augmenting corporate R&D investment. (3) The innovation-promoting effect of GGFs is more pronounced for manufacturing firms and for firms located in regions with less developed market institutions. Building upon these conclusions, policy recommendations are proposed across institutional, regulatory, and firm-level dimensions. This research contributes to the literature by enriching micro-level evidence on GGFs and, innovatively, delineating both direct and indirect pathways through which they exert influence, thereby providing valuable insights for policymakers seeking to optimize the development and deployment of GGFs.