政府产业基金对企业创新的影响机制研究——政治关联视角  

The Influence Mechanism of Government Industrial Funds onFirm Innovation:The Perspective of Political Connection

作　　者：李宇辰 郝项超[3] 刘精山 Li Yuchen;Hao Xiangchao;Liu Jingshan(Postdoctoral Research Workstation of Agricultural Bank of China,Beijing 100005,China;Postdoctoral Research Mobile Station of Renmin University of China,Beijing 100872,China;School of Economics,Nankai University,Tianjin 300071,China;Bohai Securities Co.,Ltd,Tianjin 300081,China)

机构地区：[1]中国农业银行博士后科研工作站,北京100005 [2]中国人民大学博士后科研流动站,北京100872 [3]南开大学经济学院,天津300071 [4]渤海证券股份有限公司,天津300081

出　　处：《科技进步与对策》2024年第7期91-100,共10页Science & Technology Progress and Policy

基　　金：国家自然科学基金面上项目(72172064,71772090);国家社科基金社科学术社团主题学术活动项目(22STA040)。

摘　　要：政府产业基金对我国中小企业创新的促进作用受到学界与企业界的广泛关注,在创新型国家建设过程中发挥着重要作用。不同于以往研究,基于手工构建的政府产业基金数据库并结合我国实际情况,从政治关联视角实证分析政府产业基金对企业创新的影响机制。结果发现,政府产业基金通过投资与企业形成的天然政治关联能够降低企业法律诉讼风险,形成正式产权保护制度替代机制。同时,这种政治关联可为企业生产经营活动提供资源,改善企业经营状况、缓解企业现金流压力,形成弥补融资缺口的替代机制。政府产业基金通过上述两种机制促进企业创新。结论可为政府产业基金对企业发展的作用机制研究提供新的解释,揭示在发展中国家发展政府产业基金的必要性。The government industrial funds have greatly improved the management and operation efficiency by introducing market-oriented management institutions.Compared with the science and technology subsidies,the government industrial funds can better screen firms and improve the efficiency of fiscal funds,and they have aroused great attention from the central and local governments.With the rapid expansion of the government industrial funds,the Ministry of Finance issued a document in 2020 requiring attention to the investment efficiency of government industrial funds.Firm innovation is an important indicator.Understanding the impact mechanism of government industrial funds on firm innovation is of great significance for improving the investment efficiency of government industrial funds and better serving innovative firms.Previous studies have explained the impact of government industrial funds based on the financing gap mechanism and the certification mechanism.They argue that government industrial funds should invest in early-stage and high-risk firms to make up for the lack of private venture capital investment,and release a positive signal of business prospects to the capital market to attract more investments.However,in a developing country like China,private venture capital is still in its initial stage,and the market order,the protection system of property rights and financing environment need to be improved.Firms can greatly alleviate these problems by obtaining government investment and then establishing a political relationship.Innovation activities require sustained and stable R&D investment.Compared with the early-stage and one-time investment of government industrial funds,political connection can provide continuous help for firm production and operation,and it is also critical to firm innovation.Therefore,it can provide new theoretical support for the positive impact of China's government industrial funds by exploring the impact of government industrial funds on firm innovation from the perspective of politi

关 键 词：政府产业基金 政治关联 诉讼风险 经营资源 企业创新 

分 类 号：F276.44[经济管理—企业管理]