战略性新兴产业创业投资引导基金能促进企业创新吗?

Can the strategic emerging industry venture capital guidance fund promote enterprise innovation?

实施新兴产业创投计划,重点支持战略性新兴产业中处于早中期的创新型企业,对于促进技术与市场融合、国家战略与产业对接、国际竞争实力提升具有重要意义。以新兴产业创投计划投资的新三板企业为样本,运用渐进双重差分模型及中介效应模型检验了战略性新兴产业创业投资引导基金对早中期企业创新的效应及作用机理。研究结果表明:战略性新兴产业创业投资引导基金对早中期企业及非国有企业具有显著的促进作用,对成长期企业及国有企业的促进作用则不显著。战略性新兴产业创业投资引导基金通过融资约束缓解机制、认证及信号传递机制显著促进了企业创新。研究从微观视角系统揭示了市场化运作的创业投资引导基金对企业创新的动态影响效应,进一步厘清了政府引导基金对企业创新的影响机制,加深了对政府引导基金内涵及政策导向性的认识和理解,对于进一步明确政府引导基金角色定位、发挥其创新引领作用具有一定的指导和借鉴意义。

The New Industries Venture Capital Plan specifically targets innovative enterprises in the early and middle stages of development.Its implementation is of great significance in facilitating technology and market integration,aligning with national strategy and industry docking,and enhancing international competitiveness.This paper investigates the effects and mechanisms of the strategic emerging industry venture capital guidance fund on enterprise innovation in these stages by examining the New Industries Venture Capital Plan,focusing on its investment in new over-the-counter market enterprises.This study uses the progressive difference-in-differences method and the intermediary effect model to show that the strategic emerging industry venture capital guidance fund significantly promotes enterprise innovation.The study also demonstrates that this fund has a greater impact on early and middle-stage enterprises and private enterprises,while the effect on growing enterprises and state-owned enterprises is not significant.Additionally,the study identifies significant financing constraint mitigation,certification,and signal transmission mechanisms that contribute to enterprise innovation.This paper systematically explores the dynamic effect of market-oriented venture capital guidance funds on enterprise innovation from a micro perspective,shedding light on the mechanism for this impact and deepening our understanding of their implications and policy orientation.Overall,this study provides guidance and reference to further clarify the role of the government's guidance funds and their potential to promote leadership in innovation.