政府引导基金是否促进区域技术创新?——基于双重差分模型的实证检验  

Do Government-Guided Funds Stimulate Regional Technological Innovation:An Empirical Test Based on the Difference-in-Differences Model

作　　者：孙悦 王东[1] SUN Yue;WANG Dong

机构地区：[1]新疆财经大学财政税务学院

出　　处：《当代经济》2025年第4期63-71,共9页Contemporary Economics

基　　金：国家社会科学基金项目,财政金融政策协同支持新疆农业高质量发展研究,编号:22BJY027;新疆维吾尔自治区社会科学基金项目,企业数字化促进新疆低碳转型的机制识别与政策支持研究,编号:2024CJL046;天池英才计划青年博士项目,中国式分权的碳减排效应研究—基于财政金融互动视角,编号:ZX20230098。

摘　　要：政府引导基金是完善我国财政金融体系的重要实践,旨在发挥财政资金杠杆作用,充分激励社会资本,共同驱动区域技术创新。基于2009—2022年省级面板数据,以《政府投资基金暂行管理办法》施行作为外生冲击,构建强度双重差分模型,考察政府引导基金对区域技术创新的影响。研究发现,政府引导基金对区域技术创新具有显著促进作用。就作用机制而言,通过检验“成本效应”路径,表明政府引导基金通过降低企业成本促进区域技术创新。分地区考察发现,政府引导基金对西部地区的技术创新影响效应显著,因此进一步优化政府引导基金投资方式,强化政府引导基金的配套政策有助于促进区域技术创新。Government-guided fund is an important practice of enhancimg China's fiscal and financial system,aiming to leverage the fiscal funds,fully incentivize social capital,and jointly drive regional technological innovation.Using provincial panel data from 2009 to 2022,this study employed the implementation of the Interim Management Measures for Government Investment Funds as an exogenous shock and constructs an intensity-based difference-in-differences(DID)model to investigate the impact of government-guided funds on regional technological innovation.The findings indicate that governmentguided funds significantly promote regional technological innovation Mechanism analysis,based on the“cost-effect”pathway,reveals that these funds facilitate innovation by reducing enterprise costs.Further regional heterogeneity analysis shows that the impact is particularly pronounced in western region.Therefore,optimizing investment strategies and strengthening complementary policies for government-guided funds are essential to fostering regional technological innovation.

关 键 词：政府引导基金 区域技术创新 西部地区 强度双重差分 

分 类 号：F812.2[经济管理—财政学]