政府引导基金如何促进“专精特新”企业联合创新？——来自A股上市公司的经验证据
How Do Government Guidance Funds Promote Collaborative Innovation among “Specialized, Refined, Distinctive, and Innovative” Enterprises?—Evidence from A-Share Listed Companies
DOI: 10.12677/mm.2026.1610235, PDF,    科研立项经费支持
作者: 赵 淯：西南民族大学管理学院，四川 成都
关键词: 政府引导基金；专精特新；联合创新；多期DID；Government Guidance Funds； Specialized and Innovative Enterprises； Collaborative Innovation； Multi-Period DID
摘要: 本文基于2013~2024年A股“专精特新”企业面板数据，利用政府引导基金分期介入构建多期双重差分模型。研究发现，引导基金显著提高企业联合专利申请；交错DID、匹配、熵平衡、安慰剂及多项稳健性检验总体支持该结论。机制证据表明，基金介入通过降低信息不对称、缓解融资约束和提高研发投入促进联合创新。异质性分析进一步从市场竞争与所有制维度考察政策效应的边界条件。
Abstract: Using panel data on A-share-listed “specialized, refined, distinctive, and innovative” enterprises from 2013 to 2024, this study constructs a multi-period difference-in-differences model based on the staggered entry of government guidance funds. The results show that guidance fund investment significantly increases firms’ joint patent applications. Staggered DID estimation, matching, entropy balancing, placebo tests, and other robustness checks generally support this conclusion. Mechanism evidence indicates that fund investment promotes collaborative innovation by reducing information asymmetry, alleviating financing constraints, and increasing R&D investment. Heterogeneity analysis further examines the boundary conditions of the policy effect across market competition and ownership.
文章引用：赵淯. 政府引导基金如何促进“专精特新”企业联合创新？——来自A股上市公司的经验证据[J]. 现代管理, 2026, 16(10): 173-179. https://doi.org/10.12677/mm.2026.1610235

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