政府投资基金对初创期企业创新绩效的影响研究——基于政府配置资源市场化改革视角  

Research on the Impact of Government Investment Fund on the Start-up Enterprises Innovation Performance——From the Perspective of Market-Oriented Reform of Government Allocation of Resources

作　　者：常丽 武小楠 Chang Li;Wu Xiaonan

机构地区：[1]东北财经大学会计学院/中国内部控制研究中心,116025

出　　处：《会计研究》2022年第8期135-148,共14页Accounting Research

基　　金：国家社会科学基金一般项目“基于政府公信力视角的公共养老保险基金投资绩效评价及相关信息披露研究(18BG1062)”的资助

摘　　要：本文从政府配置资源市场化改革视角探索政府投资基金在投融资改革中对企业创新绩效的潜在影响。研究发现,政府投资基金能够显著促进初创期企业的创新绩效提升。进一步研究发现,融资约束在政府投资基金与初创期企业创新绩效之间具有机制作用。通过内生性检验和稳定性检验后,结论依然成立。本文丰富了政府投资基金的研究视角和作用机制,揭示了政府投资基金对初创期企业的创新和高质量发展的促进作用。基于研究结论,为我国政府投资基金结构优化和促进企业创新绩效提出政策建议。The paper discusses the potential impacts of government investment funds on enterprise innovation performance over the process of investment and financing reform from the perspective of market-oriented reform of government allocation resources.The paper finds that government investment funds play a significant role in promoting the innovation performance of newly established companies.In addition,the mechanism test shows that financing constraints serve as a medium between government investment funds and innovation performance of the newly established enterprises.The conclusions are still valid through the endogeneity test and stability test.To sum up,this paper enriches the research perspectives and mechanisms of government investment funds,and reveals the promoting effect of government investment funds on the innovation and high-quality development of newly established enterprises.Based on the research conclusions,the paper puts forward policy recommendations for the optimization of the government investment fund structure and the promotion of enterprise innovation performance.

关 键 词：政府投资基金 企业创新绩效 资源配置市场化 融资约束 

分 类 号：F272.5[经济管理—企业管理] F832.51[经济管理—国民经济] F273.1