Analysis of the Impact of Government-guided Funds on Enterprise Technology Innovation
How to promote technology innovation in enterprises through government-guided funds is an important theoretical and practical topic.Using the data of enterprises listed on the NEEQ of China from 2013 to 2019 as the sample,this study constructs relevant variables and models to conduct benchmark regression analysis on the impact of government-guided funds on enterprise technology innovation.Furthermore,based on the perspective of venture capital institution specialization,considering early stage variables of investment enterprises,and geographical proximity moderating variables,this study conducts analysis and robustness testing.Research has found that compared to companies without guided fund holdings,companies with guided fund holdings perform better in technology innovation;After considering the professional factors of venture capital institutions entrusted by the guided funds,it was found that only when the invested enterprise is in the early stage of enterprise development,venture capital institutions engaged in early stage professional investment strategies can significantly promote enterprise technology innovation;When the invested enterprise is geographically adjacent to the venture capital institution,venture capital institutions engaged in early stage specialized investment strategies are more likely to significantly promote technological innovation,indicating that the specialization of venture capital institutions in the stage and regional specialization can work together.From the perspective of professionalization of venture capital institutions,the mechanism of guided funds to promote technology innovation in enterprises has been revealed.To promote technology innovation in enterprises,the government should actively establish government guided-funds and participate in investment in a market-oriented manner,while leveraging the professional and collaborative role of entrusted management institutions.
government-guided fundstechnology innovationventure capital institutionsspecialized investmentNEEQ
万方数据
维普
