摘要
政府引导基金作为解决市场失灵、改善企业创新环境的重要政策工具,对数字产业高质量发展具有重要影响。选取2008—2021年沪深A股数字产业上市公司数据为研究样本,实证检验政府引导基金对数字产业创新效率的影响效应、作用机制与异质性表现。研究表明,政府引导基金有利于提升数字产业创新效率,在采用工具变量克服内生性问题、通过替换估计方法与进行数据缩尾处理之后,该结论仍成立。中介效应检验显示,政府引导基金可通过降低外部风险、激发内部创新积极性与优化资源配置效应减轻融资约束,提高数字产业创新效率。异质性检验发现,政府引导基金对数字产业创新效率的影响具有城市异质性、行业异质性与生命周期异质性,即对低等级城市、软件开发及信息技术服务业与成长期数字企业的创新效率作用更显著。因此,在我国步入数字产业高质量发展时期,应发挥政府引导基金“创投+”的作用,助力数字产业能级提升;打造多层次资本获取渠道,减轻数字产业融资约束;实施异质性政府引导基金政策,驱动数字产业创新协同效率提升。
As an important policy tool to solve market failure and improve the innovation environment of enterprises,the government guidance fund has an important impact on the high-quality development of the digital industry.Selecting data from digital enterprises listed on the Shanghai and Shenzhen A-share market from 2008 to 2021 as research samples,the author empirically tests the impact,mechanism,and heterogeneity of government guided funds on the innovation efficiency of the digital industry.It is found that government guided funds are beneficial for improving the innovation efficiency of the digital industry,and after using instrumental variables to overcome endogeneity issues,replacing estimation methods,and conducting data tail reduction processing,this conclusion still holds.The intermediary effect test shows that government guided funds can reduce financing constraints and improve the efficiency of digital industry innovation by reducing external risks,stimulating internal innovation enthusiasm,and optimizing resource allocation effects.The heterogeneity test shows that the impact of government guided funds on the innovation efficiency of the digital industry is characterized by urban heterogeneity,industry heterogeneity,and lifecycle heterogeneity,with a more significant impact on innovation efficiency in low-level cities,software developing and information technology service industries,and growing digital enterprises.Therefore,as China enters a period of high-quality development in the digital industry,the government should play a role in guiding the fund's“venture capital+”to help improve the level of the digital industry,create multi-level channels for capital acquisition and reduce financing constraints in the digital industry,and implement heterogeneous government guided fund policies to drive collaborative improvement of innovation efficiency in the digital industry.
作者
张学超
ZHANG Xue-chao(Shanghai Jianqiao University,Shanghai 201306,China)
出处
《中国流通经济》
CSSCI
北大核心
2023年第10期79-89,共11页
China Business and Market
基金
教育部人文社会科学研究规划基金“我国零售业对接‘一带一路’市场的‘全球本土化’战略研究”(17YJA790007)。
关键词
政府引导基金
融资约束
数字产业创新效率
数字经济
government guided fund
financing constraints
innovation efficiency in the digital industry
digital economy
