政府基金引导与企业核心技术突破:机制与效应  

Government Guidance Funds and Breakthroughs in Firm's Core Technologies

作　　者：吴超鹏[1,2] 严泽浩 WU Chaopeng;YAN Zehao(School of Management,Xiamen University;Center for Accounting Studies,Xiamen University;School of Economics&Management,Nanchang University;Institute for Financial&Accounting Studies,Xiamen University)

机构地区：[1]厦门大学管理学院 [2]厦门大学会计发展研究中心,361005 [3]南昌大学经济管理学院 [4]厦门大学财务管理与会计研究院,330031

出　　处：《经济研究》2023年第6期137-154,共18页Economic Research Journal

基　　金：国家社会科学基金重大项目(22ZDA047)的资助。

摘　　要：随着世界百年未有之大变局加速演进,关键核心技术已经成为大国博弈的焦点。本文研究政府引导基金对中国企业在关键核心技术领域创新绩效的影响,结果发现:与引入其他风投机构投资相比,企业引入政府引导基金型风投机构的投资之后在关键核心技术领域的发明专利数量和质量、高被引专利数量、新技术专利数量以及专利独创性都比融资之前有较大幅度的提升;但是政府引导基金对企业在非关键核心领域的创新质量却没有显著的提升作用。进一步研究还发现:政府引导基金主要通过提升对企业创新失败风险的容忍度以及发挥资金引导作用以缓解企业外部融资约束来促进企业关键核心技术创新。综合以上发现,本文认为政府引导基金可以融合“政府引导”和“市场机制”的优势,在引导和促进企业突破“卡脖子”关键核心技术瓶颈,实现国家科技自立自强中发挥重要作用。As the scientific and technological capability is becoming an increasingly important indicator for a country's comprehensive strength,how to motivate and facilitate firms to achieve breakthroughs in core technologies in key fields has become an important task of the government.Different from ordinary technology innovation,innovation of core technologies in key fields requires conquering a series of complex and nested technologies in key fields and therefore is more difficult to be duplicated or imitated.Moreover,since core technologies are seldom traded in the market,firms equipped with them are more likely to seize monopoly power and gain a competitive edge in the global market.Specialized in niche industries with great growth potential,small and medium-sized enterprises(SMEs)with high innovation efficiency can often achieve technological breakthroughs in a subcategory of the industrial chain.Due to the increasing importance of SMEs in achieving breakthroughs in core technologies in key fields,the Chinese government has been continuously strengthening its support for the technological innovation activities of SMEs via platforms such as government guidance funds.Theoretically speaking,government guidance funds may promote corporate innovation of core technologies in key fields through two channels.First,government guidance funds can attract social capital towards strategic industries and core technologies in key fields,which alleviates the financial constraints faced by firms during their innovation processes.Second,government guidance funds are not profit-oriented,often ceding profits to private capital or compensating it for risk-taking.Therefore,they have higher tolerance for failure than other venture capital funds.This can be extremely important for innovation of core technologies,which are more vulnerable to failure as compared to other innovation activities.In this study,we explore the role of government guidance funds in the performance of corporate innovation of core technologies in key fields.Based on a

关 键 词：政府引导基金 关键核心技术创新 失败容忍度 

分 类 号：F273.1[经济管理—企业管理] F832.48[经济管理—国民经济]