Research On The Guiding Effect Of Strategic Emerging Industry Government Guidance Fund On Social Capital

For last several years,under the new international situation,the Chinese economy has faced various challenges as well as various opportunities.Innovation,as a key force to promote economic growth,has also been given a new era significance.Strategic emerging industries,as an important part of insisting on innovation-driven development and comprehensively shaping new competitive advantages,have also encountered varying degrees of obstacles in their development.Its corporate financing difficulties and high financing issues are particularly prominent.Then,whether the strategic emerging industry government guidance fund as a policy fund can effectively realize the leverage and amplification effect of fiscal capital and increase the capital supply of venture capital to strategic emerging industries has become an important issue.In this context,first this article discusses the related concepts and theoretical foundations of government guidance funds and strategic emerging industries.Secondly,because the guiding effect of government guidance funds on social capital will be affected by many factors,such as:the degree of development of the guidance funds,the level of regional openness,economic conditions,human capital,etc.Based on this,four research hypotheses are proposed in this paper.Then,respectively based on the national and regional perspectives,the panel data model is used to conduct quantitative research on the social capital guidance effect of government guidance funds for strategic emerging industries.The study shows:(1)From a national perspective,the fixed effects model is selected to empirically test the guiding role of strategic emerging industry government guidance funds on strategic emerging industries’ social capital,and it is found that the establishment of guidance funds has a significant positive guiding role in the accumulation of social capital.At the same time,the study also found that the degree of regional openness has an inhibitory effect on the attraction of social capital.However,neither human capital factors nor regional economic development level factors have passed the significant test of the guiding role of social capital.(2)In the regional perspective,firstly,by using the cluster analysis method,the 25 provinces,conurbations,and autonomous regions(except Hong Kong,Macao and Taiwan)that have established strategic emerging industry government guidance funds are divided into two major categories: strong capital guidance effect and weak capital guidance effect.The fixed effect model and the mixed effect model were selected to test the social capital guiding role of the government guidance fund for strategic emerging industries in areas with strong capital guiding effects and areas with weak capital guiding effects.Both found that they have significant effects on attracting social capital to participate in venture capital.In the meantime,it is also found that in the two major areas,the degree of regional opening up and the horizontal of economic development have a remarkable role in promoting the attraction of social capital.But the impact of human capital building up on social capital emerge regional discrepancy.In areas with strong capital guiding effects,human capital influencing factors present a significant crowding-out effect on the accumulation of social capital.In areas with weak capital guiding effects,human capital factors have not passed the significant test of the guiding role of social capital.Finally,put forward the policy recommendations of this article.