The Cross-Regional Two-Way Investment by Government Guidance Funds and Total Factor Productivity Enhancement of Small and Medium-sized Enterprises:An Analysis on the Soft Constraints of Economic Growth Targets
Government guidance funds are an important institutional arrangement for optimizing the allocation of resources.On the one hand,the government guidance funds have the attribute of investment attraction,attracting foreign high-quality enterprises to settle in the local area through off-site investment.On the other hand,government guidance funds can break the geographical barriers and realize complementary advantages through cross-regional investment.Therefore,the perspec-tive of regional economic interaction appropriately fits the characteristics of economic interdependence and mutual promotion between regions.We manually collect the data of government guidance funds from 2011 to 2021.It explores the impact of government guidance funds investment on enterprise total factor productivity from coordinated development of two-way investment per-spective and explores the heterogeneity adjustment effects of government economic growth objectives.The findings reveal that coordinated development of government guidance funds two-way investments significantly enhance the total factor productiv-ity of local SMEs,with a more pronounced effect on firms facing higher financing constraints,lower industry profit margins,and those located in western regions.Mediation analysis suggests that shows that the coordinated development of government guidance funds two-way investments increases the total factor productivity mainly by alleviating capital factor mismatch and improving enterprise competitiveness.Moderation analysis demonstrates that setting economic growth targets with soft con-straints can strengthen the role of coordinated development of government guidance funds two-way investments in promoting enterprise total factor productivity,implying alignment between flexible government economic growth goal setting and the value realization pathway of proactive government.The contributions of this paper lie in three main aspects.First,this paper puts the investment of each province in for-eign provinces and the investment of foreign provinces in their own provinces under the same framework,constructs the coor-dinated development level of two-way investment of government guidance funds in each province,and investigates the impact of the coordinated development of two-way investment of government guidance funds on the total factor productivity of SMEs from the macroscopic viewpoint,which is a better addition to the existing related studies from the micro viewpoint.Secondly,most of the existing literature on government guidance funds mostly explores the impact mechanism from the micro level of en-terprise financing constraints and technological innovation,while this paper explores the impact mechanism of government guidance funds on enterprise productivity from the aspects of improving the efficiency of capital factor allocation and the com-petitiveness of enterprises,effectively extending the intrinsic connection between government guidance funds and enterprise productivity.Third,when analyzing the impact of government guidance funds on enterprise productivity,this paper further ex-amines the regulating effect of the economic growth target,which helps to understand the internal logic of the government's in-vestment behavior more deeply under the background of the governmental governance system with Chinese characteristics,and has important policy significance for optimizing the allocation of resources and promoting the high-quality development of the economy.
Government Guidance FundsTwo-way InvestmentTotal Factor ProductivityCoupled Coordination Degree
NETL
NSTL
万方数据
