Government Industrial Fund,Local Financial Development and Firm Innovation
Li Yuchen1,2, Sun Qinru3, Hao Xiangchao3
1. Postdoctoral Research Station,Agricultural Bank of China,Beijing 100005,China; 2. Postdoctoral Research Station, Renmin University of China,Beijing 100872,China; 3. School of Economics,Nankai University,Tianjin 300071,China
Abstract：Using a hand-collected database this paper empirically examines the impact of government industrial fund on firm innovation and investigates the potential effect of local financial development on the nexus between them.Empirical results present that compared to firms without any venture capital investment,firms invested by a government industrial fund have more innovations.We also find that in areas with less financial development,the existence of government industrial fund can alleviate firms' financing gap caused by the market failure more effectively,and thus promote firm innovation.Furthermore,it is more likely for government industrial fund to lead to more low-quality innovations instead of high-quality innovations.From the perspective of firm innovation,we provide evidence that government industrial fund plays a positive role,which is helpful to better understand the real effect of industrial policy in China.
李宇辰, 孙沁茹, 郝项超. 政府产业基金、地方金融发展与企业创新[J]. 中国科技论坛, 2021(10): 62-70.
Li Yuchen, Sun Qinru, Hao Xiangchao. Government Industrial Fund,Local Financial Development and Firm Innovation. , 2021(10): 62-70.
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