政府产业引导基金与域内企业创新:引导效应还是挤出效应?  

Government Industrial Guiding Funds and Local Firms Innovation:Guiding Effect or Crowding-out Effect?

作　　者：蔡庆丰[1] 刘昊 舒少文 CAI Qingfeng;LIU Hao;SHU Shaowen(School of Economics,Xiamen University)

机构地区：[1]厦门大学经济学院,福建厦门361005

出　　处：《金融研究》2024年第3期75-93,共19页Journal of Financial Research

基　　金：国家社会科学基金重大项目(23&ZD079)的资助。

摘　　要：作为财政资金“基金化”和产业政策“金融化”的一种创新性探索,政府产业引导基金正深刻影响我国区域直接融资市场和域内企业创新活动。本文基于手工收集整理的2010-2021年各城市政府产业引导基金设立数据与上市企业创新数据,实证探究政府产业引导基金的发展对域内企业创新水平的影响。结果发现,地方政府产业引导基金的设立会显著提升域内企业的创新投入水平,这种促进作用在成长期、资本密集型以及高科技行业等融资需求较大的企业中更加明显。机制分析表明,政府产业引导基金对社会资本的集聚,进而引致的融资效应、信息效应以及竞争效应,是潜在的作用渠道。进一步研究发现,政府产业引导基金围绕财政资金“拨改投”的创新性转变,对企业创新投入的影响效果,显著优于传统产业政策。本文从产业政策“金融化”的视角,丰富了政府产业引导基金这一新兴产业政策的相关研究,为地方“有为政府”介入地区产业转型升级、助力微观企业创新发展,提供了经验证据和决策参考。In October 2023,the Central Financial Work Conference emphasized the need to unswervingly take the road of financial development with Chinese characteristics and accelerate the construction of modern financial system.As an innovative exploration of the"Financial Fund Capitalization"and the"Industrial Policies Financialization",government guidance fund is profoundly affecting regional direct financing market and the innovation activities of local firms.As an important part of the capital market,private equity investment is of great significance to enrich direct financing channels,and an important carrier of innovative capital formation.Unlike Western developed countries,which are generally dominated by market investors,in China,governments at all levels are deeply involved in the private equity fund market,giving birth to government guidance funds with distinct Chinese characteristics.Local governments have become an indispensable participant in the market,profoundly influencing the regional equity investment market and corporate investment decisions.However,the existing research on the government guidance fund mostly lags behind the practical investment.At the same time,as the special representation of the industrial policies financialization,it is particularly necessary to explore the micro-economic effects that may be caused by the disruptive innovation of the way of using financial funds.In view of this,this paper empirically examines the effect of the establishment and development of urban government industry guidance fund on the innovation development of local firms by manually collecting the data of the establishment of urban industrial guidance fund in each city during the period of 2010-2021 and matching them with the innovation data of Shanghai and Shenzhen A-share listed enterprises.The results show that a one standard deviation increase in the scale of the urban industry guidance fund leads to a 5.94%increase in the innovation investment of local firms compared with the average level.This conclusion is

关 键 词：政府产业引导基金 企业创新 股权融资成本 信息不对称 市场竞争 

分 类 号：F832.51[经济管理—金融学] F273.1