政府创业风险投资引导基金对于企业创新能力的影响——基于北京证券交易所数据的研究  

The Impact of Government Venture Capital Guidance Funds on Enterprise Innovation Capabilities-- Research Based on Data of Beijing Stock Exchange

作　　者：柳新雨 郭子坤 胡瑞 蒋笃军 高钧岩 Liu Xinyu;Guo Zikun;Hu Rui;Jiang Dujun;Gao Junyan(College of Finance,Nanjing Agricultural University,Nanjing 210095,Jiangsu)

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《中国商论》2024年第13期121-125,共5页China Journal of Commerce

基　　金：国家级大学生创新训练计划(SRT)“政府创业风险投资引导基金对企业创新能力的影响——基于北京证券交易所数据的研究”(202310307067Z)资助。

摘　　要：政府创业风险投资引导基金对于企业创新能力具有重要影响。为了明确政府创业风险投资引导基金对于企业创新能力的影响,促进企业创新能力提高,本文基于北京证券交易所上市的147家企业在2013—2022年的相关数据,利用渐进双重差分法探讨政府创业风险投资引导基金对企业创新能力的影响,并对影响机制进行研究。研究表明:其一,政府创业风险投资引导基金对于企业创新有正相关影响;其二,政府创业风险投资引导基金通过缓解企业融资约束,提升企业创新能力;其三,政府创业风险投资引导基金投资于高新技术企业更有利于提升企业的创新能力。这对于运用好政府创业风险投资引导基金引导作用具有重要的理论参考价值和实践指导意义。Government venture capital guidance funds have an important impact on enterprise innovation capabilities.To clarify the impact of government venture capital guidance funds on enterprise innovation capabilities and to foster enterprise innovation,this paper,adopting progressive difference-in-differences,discusses the impact of government venture capital guidance funds on enterprise innovation capabilities based on the relevant data from 147 enterprises listed on Beijing Stock Exchange from 2013 to 2022 and studies the impact mechanism.The study shows that:first,the government venture capital guidance funds positively correlate with enterprise innovation;second,the government venture capital guidance funds can improve enterprise innovation capabilities by alleviating financing constraints;third,investing government venture capital guidance funds in high-tech enterprises is particularly effective in boosting innovation capabilities.This holds significant theoretical reference and practical value for leveraging the leading role of government venture capital guidance funds.

关 键 词：政府创业风险投资引导基金 企业创新能力 北京证券交易所 渐进双重差分法 

分 类 号：F830.9[经济管理—金融学]