Abstract: The government and banks, as important participants in the innovation ecosystem, are crucial to the core technology innovation of strategic emerging industries. Based on a “quasi-natural experiment” where enterprises first get involved in a government-bank-enterprise alliance and using innovation ecosystem theory and elasticity risk management theory, this study builds a theoretical framework of government-bank-enterprise alliance to explore how the alliance exerts its synergy to drive the core technology innovation of strategic emerging industries. The study finds that the synergy not only significantly enhances the core technology innovation of strategic emerging industries, but also leads enterprises to choose “diversified” innovation strategies. Our heterogeneity test shows that the positive effect of government-bank-enterprise alliance synergy on core technology innovation of strategic emerging industries is more obvious in enterprises with a background of technology strategic alliance and focusing on strategic emerging industries. Our mechanism test finds that government-bank-enterprise alliance synergy drives core technology innovation and enterprise innovation strategy selection in strategic emerging industries by optimizing the policy environment, creating a cooperative environment, and improving the technological environment. The study enriches the research on both innovation ecosystems and core technology innovation of strategic emerging industries, and provides a reference for accelerating the construction of modern industrial systems and cultivating new quality productivity.

Key words: government-enterprise-bank alliance synergy, innovation ecosystem, strategic emerging industry core technology innovation, enterprise innovation strategy choice