政府引导基金、政府补贴与企业创新:效应差异与互补影响OA北大核心CHSSCDCSSCICSTPCD

Government-guided funds and subsidies represent direct intervention and market-oriented industrial policies.The clarity of the differences and synergistic effects bolsters a reasonable development of industrial strategies and augments policy infrastructures.Therefore,this paper endeavors to investigate the variances,symbiotic dynamics,and operational modalities of government-guided funds and subsidies in enterprise innovation.Commencing with an integrated framework of extant industrial stipulations and a strategic policy mix stance,it delves into the disparities among innovation consequences,cooperative interactions,and the mechanisms using microdata of enterprises from 2007 to 2022. The findings indicate that the stimulative impact of government-guided funds on enterprise innovation is greater than that of subsidies.The result remains valid after a series of rigorous robustness tests.These effects are particularly salient within nascent,privately-held,and strategically innovative entities.Furthermore,the research demonstrates a notable reciprocal enhancement between government-guided funds and subsidies,particularly within enterprises at developmental and mid-phases and the private sector,in the eastern region,and those that use specialized and sophisticated technologies to produce novel and unique products.Finally,the industrial policy mix fosters innovation through financial integration and risk balance effects.Therefore,it is necessary to continuously optimize the complementary effects and mechanisms of government-guided funds and subsidies,implement industrial policy combinations in a timely and appropriate manner,and strengthen the guidance of the funds and subsidies for exploratory innovations of enterprises to give full play to the effects of policy combinations. The marginal contributions of this paper manifest as follows.Initially,it brings government-guided funds and subsidies under a common analytical framework and elucidates their distinct effects on innovation at a micro level.Subsequently,the discourse is advanced on the influence of policy mix upon the innovation of micro-enterprises,thereby enriching the comprehension of the nuanced distinctions and collaborative potential underlying governmental incentives and market adoption initiatives.Furthermore,it elucidates the driving forces behind the industrial policy mix and enterprise innovation,holding substantial value for explicitly defining industrial policy roles and enhancing innovation.Finally,it delineates the optimal temporal juncture for policy intervention.Through the application of enterprise life cycle theory,this paper provides valuable insights into the optimal timing of government-guided funds and subsidies,thereby contributing to the development of tailored industry policies,dynamic policy mechanisms,and maximized policy outcomes.