政府引导基金与数字产业发展:机制分析与效应检验

Government Guide Fund and Digital Industry Development:Mechanism Analysis and Effect Test

本文以2006—2018年273个城市为样本,运用双向固定效应模型,实证分析政府引导作用基金对数字产业创新的影响。政府引导基金显著提升了数字产业创新水平,在经过一系列稳健性检验之后结论仍然成立。在机制方面,政府引导基金通过数字人力资本效应和数字物质资本效应间接促进数字产业创新;在异质性分析方面,政府引导基金提升了ICT企业匮乏型和三四五线城市的数字产业创新水平,但抑制了ICT企业密集型和一二线城市数字产业创新能力的提升。将风险投资基金和政府引导基金的交乘项引入模型发现,风险投资基金削弱了政府引导基金对数字产业创新的促进效应;并且在ICT企业匮乏型和三四五线城市,政府引导基金发挥了引导效应,在ICT企业密集型和一二线城市,风险投资基金发挥了引导效应。

This paper takes 273 cities from 2006 to 2018 as a sample and uses a two-way fixedeffect model to empirically analyze the impact of government guide funds on digital industry innovation.The government guide fund has significantly improved the innovation level of the digital industry,and the conclusion is still valid after a series of robustness tests.In terms of mechanism,the government guidance fund indirectly promotes digital industry innovation through the effect of digital human capital and digital material capital.In terms of heterogeneity analysis,government guide funds improved the innovation level of digital industries in ICT enterprises-deficient cities and third-,fourth-,and fifth-tier cities,but inhibited the improvement of digital industry innovation capabilities in ICT-intensive and first-and second-tier cities.After introducing the intersection of venture capital funds and government guide funds into the model,it is found that venture capital funds weaken the promotion effect of government guide funds on digital industry innovation.In ICT enterprises-deficient cities and third-,fourth-,and fifth-tier cities,government guide funds mainly play a guiding role,while in ICT enterprise-intensive and first-and second-tier cities,venture capital funds mainly play a guiding role.