Abstract：Based on the firms supported by Tech-Giant project of Shanghai Pudong district,this paper employs Propensity Score Matching to construct a comparing set of unsupported firms taken from China Industry Business Performance Database,and uses Ordinary Least Square to analyze the input performance as well as output performance of the Tech-Giant project.The results show that,in the year getting the support,the supported firms make lower profits than that of those unsupported,which means the effect of the project on output performance is significantly negative when we use profit as the output proxy,meanwhile the crowding-out effect on firms' own R&D input hasn't be found significantly.However,in the long run,the Tech-Giant project grant seems to have a positive continuing effect on the output performance of the supported firms,which will outperform their counterparts on profit from the third year and keep it for a couple of years.Therefore,this paper suggests that local fund projects with good governance may promote the innovation performance of SMEs and its growth,especially in those regions seeking for structural transformation and technology upgrading.
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