摘要
作为耐心资本的主力军,政府引导基金践行着战略引领与前瞻布局的使命。基于2011—2022年沪深A股上市公司专利数据,文章考察了政府引导基金对企业创新边界拓展的影响及其传导机制。结果发现,政府引导基金通过信号传递和驱动创新合作两条渠道显著促进了企业创新边界拓展;异质性分析发现,在高新技术产业和创投成熟的地区,政府引导基金对企业创新边界拓展的促进效应更为显著;进一步拓展分析表明,政府引导基金通过产业链传导机制能够有效激发上游供应商的创新边界拓展;同时论证了企业创新边界拓展显著提升了企业市场份额与可持续创新能力。研究结论证实了政府引导基金可以发挥有为政府和有效市场的协同优势,对实现创新驱动转型、国家科技自立自强具有重要的实践价值。
As a major force of“patient capital”,government-guided funds fulfill the mission of strategic leadership and forward-looking deployment.Based on the patent data from A-share listed companies in Shanghai and Shenzhen from 2011 to 2022,this paper examines the impact of government-guided funds on the expansion of corporate innovation boundaries and its transmission mechanisms.The results show that government-guided funds significantly promote the expansion of corporate innovation boundaries through two channels:signal transmission and innovation collaboration driving.This effect remains robust after various robustness tests.Heterogeneity analysis reveals that the promoting effect of government-guided funds on the expansion of corporate innovation boundaries is more pronounced in high-tech industries and regions with mature venture capital ecosystems.Further extended analysis indicates that government-guided funds can effectively stimulate the expansion of corporate innovation boundaries in upstream suppliers through industrial chain transmission mechanisms.It also demonstrates that the expansion of corporate innovation boundaries significantly enhances corporate market share and sustainable innovation capacity.This paper verifies that government-guided funds can leverage the synergistic advantages of“a proactive government”and“an effective market”,holding substantial practical value for achieving innovation-driven transformation and technological self-reliance and self-improvement.
作者
夏龙龙
余典范
张宇
Xia Longlong;Yu Dianfan;Zhang Yu(College of Business,Shanghai University of Finance and Economics,Shanghai 200433,China)
出处
《上海财经大学学报(哲学社会科学版)》
北大核心
2025年第6期17-32,共16页
Journal of Shanghai University of Finance and Economics
基金
国家社会科学重大课题“超大规模市场驱动现代化产业体系构建的理论逻辑与传导机制”(23&ZD042)
马工程重大项目“完善高水平对外开放体制机制研究”(2024MZD032)
中央高校基本科研业务费专项资金资助“数字人力资本与企业创新边界拓展——基于网络招聘数据的经验证据”(CXJJ-2025-422)
教育部哲学社会科学创新团队项目(金融科技与安全治理)。
关键词
政府引导基金
创新边界拓展
信号传递
驱动创新合作
government-guided funds
innovation boundary expansion
signal transmission
innovation collaboration driving
