The Innovation Enrichment Effect of Government's Fund-guiding Policies:A Difference-in-Difference Model
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 enrich-ment 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.
government's fund-guiding policiesfirm innovationdifference-in-difference model
NETL
NSTL
万方数据
