政府产业基金如何有效促进企业创新?——基于政府产业基金数据的分析

How do Government Industrial Funds Promote Firm Innovation——Based on Government Industrial Fund Data

基于手工构建的较为全面的政府产业基金数据库,实证探究政府产业基金如何有效地促进企业创新。结果发现:相对于未受任何风险资本投资的企业,政府产业基金显著地促进了企业创新数量的增长;政府产业基金与私人风险资本联合投资相对于政府产业基金单独投资能更好地促进企业创新。进一步分析发现,政府产业基金投资于初创期企业、高新技术企业对企业创新的促进作用更明显;相对于创新发达地区,政府产业基金投资于创新欠发达地区对企业创新的促进作用更明显。

Based on a comprehensive hand-collected data,this paper empirically analyzes how government industrial funds promote firm innovation.Empirical results show that,compared with no any venture capital,the existence of government industrial funds significantly promotes firm innovation.This effect is more significant for the joint investment of government industrial funds and private venture capitals than for pure government industrial funds investment.Further,it also shows that the government industrial fund investment promote more innovation of start-up firms,high-tech firms,and firm in less developed areas.