| At present,we are at the intersection of our economic transformation and the second centennial Plan.As a driving force for these two goals,innovation plays an important role.At the micro level,innovation is the technological innovation of enterprises,which cannot be separated from the support of capital.The current capital can be roughly divided into state assets and non-state assets.As a component of state assets,the government-guided fund is mainly rooted in the venture capital market.Its biggest feature is "market-oriented operation+ policy".Promoting enterprise innovation through government guiding fund is a new way of state-owned capital operation,value increase and preservation in the new era.In March 2015,the CPC Central Committee and The State Council issued the Opinions on Deepening Institutional Reform and Accelerating the Implementation of the Innovation-Driven Development Strategy,which indicated that the establishment of a national venture capital guide fund for emerging industries should be explored in accordance with market-oriented principles to promote enterprise innovation and industrial finance development.Therefore,from the perspective of government guide funds,this paper firstly summarizes the situation of government guide funds in China and finds that there are great differences in the development of government guide funds among regions.East China,North China and South China are ahead of other regions,which is mainly reflected in the accumulated number of guide funds established.From the administrative level,provincial and municipal government guide funds rank ahead of district,county and national guide funds in terms of size and quantity.Secondly,the relevant theories and transmission mechanism are analyzed,and it is found that the government guide fund mainly affects the technological innovation of enterprises from two ways: capital and non-capital.Thirdly,the complex network model is used to study the regional investment linkage of guide fund,and it is found that the strongest provinces and cities are Jiangsu,Shanghai,Shenzhen and Beijing.At the same time,dummy variables of the developed and non-developed regions of the guide fund are obtained through the complex network to support the heterogeneity analysis below.Finally,based on the data from 2011 to 2021,the zero expansion negative binomial model is used to study the influence of government guide fund shareholding ratio on enterprise technological innovation,and the difference of influence between guide fund and private venture capital on enterprise technological innovation is compared by matching sample data.The results show that:(1)the higher the proportion of government-guided fund shareholding,the more disadvantageous it is to enterprise innovation;(2)The development of government-guided funds is uneven,and the promotion effect of government-guided funds on technological innovation of enterprises is smaller than that of private venture capital;(3)The earlier the investment enters the enterprise,the stronger the contribution to the technological innovation capability of the enterprise;(4)The longer the guarantee period of investment,the greater the promotion effect of enterprise technological innovation;(5)For developed regions and high-tech enterprises,the effect of government-guided funds on promoting technological innovation is weaker than that of private venture capital.Therefore,this paper suggests that the government guide fund should pay attention to the shareholding ratio and guarantee time when investing in enterprises;When the government-guided fund conducts activities in the venture capital market,it can improve the efficiency of innovation promotion by strengthening the cooperation with social capital.Enterprises should introduce venture capital at an earlier stage to enhance their technological innovation capability. |
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