Government Venture Capital,Fiscal Governance and SMEs'Innovation Sustainability:Interpretation Perspective of New Public Service Theory
Government venture capital is an important tool for promoting the innovation sustainability of small and medium-sized enterprises(SMEs).Fiscal governance helps achieve a symbiotic relationship between public investment goals and market profitability.Based on data from SMEs listed on the New Third Board from 2006 to 2022,this paper explores the influence mechanisms of government venture capital in promoting innovation sustainability.Unlike the traditional perspective of government functions,the New Public Service Theory emphasizes the government's role in service and the creation of public value.The study finds that government venture capital significantly enhances the innovation sustainability of SMEs,primarily through resource allocation mechanisms and risk-sharing mechanisms.Fiscal governance plays a dual moderating role in this influence,with pre-investment service enhancement and post-investment supervision and guidance effects.These effects vary under different local government attentions and industry heterogeneity.Specifically,local government development orientation significantly promotes the innovation sustainability of SMEs,fiscal balance orientation focuses on improving innovation output,while fairness orientation optimizes long-term innovation outcomes.Industry heterogeneity analysis indicates that government venture capital is particularly effective in industrial and information technology sectors.Further research reveals that social venture capital exerts a multiplier effect between government venture capital and SME innovation sustainability,providing a favorable environment for effective innovation activities.This paper offers new insights and strategic recommendations for both government and market practitioners in promoting SME innovation from the perspective of NPS theory.
government venture capitalfiscal governanceNew Public Service Theorydual moderating effect
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