政府引导基金政策的创新驱动效应——基于双重差分模型的实证检验

摘要/Abstract

摘要： 利用2008—2018年地方政府实施引导基金的政策事件与所属地域内企业创新的大样本数据，构建准自然实验的双重差分模型，检验政府引导基金政策对创新的影响及其作用机制。研究发现,政府引导基金政策整体上发挥了创新驱动效应，支持了政府“扶持之手”假说。通过改善当地企业创新的制度环境，政府引导基金政策与税收优惠和政府补贴政策相辅相成，形成了政策协同；通过提升企业资产周转效率与缓解企业融资约束，政府引导基金政策为驱动企业创新提供了资源保障。在非国有产权、制造业和低市场化等异质性情境，政府引导基金政策的创新驱动效应更具统计显著性。

关键词: 政府引导基金政策, 企业创新, 双重差分模型

Abstract: Based on the event of local government launching fund-guiding policies from 2008 to 2018 and the corresponding large sample data of firm innovations, a difference-in-difference model of the quasi-natural experiment is constructed to examine the actualization of the long-term innovation-driven goal of the fund-guiding policies. It is found that local government’s fund-guiding policies play a role of supportive hand in enriching firm innovation, as evidenced by the synergy effect generated by the complementation between the fund-guiding policies and traditional public financial policies like tax preference and government subsidy, and resource availability provided by the fund-guiding policies to improve firms’ asset turnover efficiency and relieve the resource constraints on firms. The innovation enrichment effect of fund-guiding policies is mainly applicable to non-state-owned firms, the manufacturing sector, and in the cities with a lower marketization index.

Key words: government’s fund-guiding policies, firm innovation, difference-in-difference model

李晓伟, 李传明, 管彩峰, 罗均梅. 政府引导基金政策的创新驱动效应——基于双重差分模型的实证检验[J]. 管理评论, 2024, 36(2): 54-65.

Li Xiaowei, Li Chuanming, Guan Caifeng, Luo Junmei. The Innovation Enrichment Effect of Government’s Fund-guiding Policies: A Difference-in-Difference Model[J]. Management Review, 2024, 36(2): 54-65.

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