科研管理

科研管理 ›› 2025, Vol. 46 ›› Issue (7): 132-143.DOI: 10.19571/j.cnki.1000-2995.2025.07.013

• 论文 • 上一篇    下一篇

政府引导基金参与风险投资对企业创新的影响

陈彤1,聂常虹2,高翔1,林康3,杨翠红1,2   

  1. 1.中国科学院数学与系统科学研究院，北京100190；
    2.中国科学院大学 经济与管理学院，北京100190；
    3.西安交通大学 管理学院，陕西 西安710049

  • 收稿日期:2023-11-01 修回日期:2025-01-22 出版日期:2025-07-20 发布日期:2025-07-14
  • 通讯作者: 杨翠红
  • 基金资助:
    国家自然科学基金青年科学项目：“全球产业转移测度与全球价值链重构模型研究”（72103184，2022.1—2024.12）；国家自然科学基金基础科学中心项目：“计量建模与经济政策研究”（71988101，2020.1—2024.12）。

Impact of participation of government venture capital funds in venture capital investment on corporate innovation

Chen Tong1, Nie Changhong2, Gao Xiang1, Lin Kang3, Yang Cuihong1,2   

  1. 1. Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing 100190, China;
    2. School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190, China;
    3. School of Management, Xi′an Jiaotong University, Xi′an 710049, Shaanxi, China
  • Received:2023-11-01 Revised:2025-01-22 Online:2025-07-20 Published:2025-07-14
  • Contact: Cuihong Yang

摘要：    政府引导基金是改善创新融资市场失灵的重要抓手，在投资目标、资源统筹能力、绩效考核制度、议事决策机制等方面具有一定特殊性。那么，政府引导基金参与风险投资如何影响企业创新？从实证角度厘清该问题有助于进一步发挥其在创新资源配置方面的优势。本文以522家上市企业为研究样本，利用多期双重差分模型进行了实证研究。研究发现，相比于仅由社会风险投资基金投资，政府引导基金参投更能促进企业研发支出增加，以及被投企业与高校和科研院所之间的产学研合作，进而提升企业创新绩效。异质性分析结果显示，这一促进作用主要体现在政府引导基金和社会风险投资基金的联合投资中，这是因为政府引导基金与社会风险投资基金优势互补，二者协同能产生更有力的创新促进效应。本文研究结果能够为构建新型举国体制的中国创新实践提供间接支持证据。

关键词: 政府引导基金, 企业创新, 风险投资, 产学研合作

Abstract:    Government venture capital funds are important tools for China to improve the innovation of the financing market. They differ from independent venture capital funds regarding investment objectives, resource planning capabilities, performance appraisal systems, and decision-making mechanisms. Then, how do the government venture capital funds affect corporate innovation? Clarifying this issue from an empirical perspective is helpful in further developing the unique advantages of government venture capital funds in allocating innovation resources. Taking 522 listed enterprises as research samples, this paper used the multi-stage DID model to conduct empirical research. The results showed that, compared with the investment only by the government venture capital funds or the independent venture capital fund, the joint investment of the two types of funds can promote the increase of the R&D expenditure of the enterprises, the cooperation between the research institutes and the invested enterprises, and then promote the innovation performance of the enterprises. This is because the resource organization advantage of the government venture capital funds and the resource supply advantage of the independent venture capital fund are complementary, creating a more powerful innovation promotion effect. The research results of this paper can provide indirect supporting evidence for China′s innovation practice of building a new nationwide system.

Key words: government venture capital funds, corporate innovation, venture capital investment, industry-university-research collaboration