Can the Government Guidance Funds Guide the Ambidextrous Innovation Positive Leap of Enterprises?
Ambidextrous innovation positive leap helps enterprises explore the future technologies.As a macro policy tool,it is not clear whether the government guidance funds guide the direction of enterprise innovation.Using the data of listed companies on the New Third Board,this paper explores the impact of government guidance funds on the ambidextrous innovation positive leap of enterprises and its mechanism.The finding shows that the investment entry and scale of the government guidance funds significantly promote the ambidextrous innovation positive leap.The influence mechanism shows that the government guidance funds play an incentive role in the ambidextrous innovation positive leap through alleviating the maturity mismatch and increasing the risk-taking of enterprises.Further analysis shows that in small-scale enterprises,start-up enterprises,non-state-owned enterprises and non-high-tech enterprises,the effect of government guidance funds in boosting the ambidextrous innovation positive leap is more obvious.At the same time,in the process of government guidance funds influencing the ambidextrous innovation positive leap,financial subsidies have a weakening effect,while fintech has a strengthening effect.The conclusion provides a useful reference for the government guidance funds to stimulate the ambidextrous innovation positive leap.
the government guidance fundsambidextrous innovationinnovation leapthe maturity mismatchthe risk-taking
万方数据
