工业技术经济2026，Vol.45Issue(7)：81-92,12.DOI:10.3969/j.issn.1004-910X.2026.07.007
政府引导基金与专精特新"小巨人"企业双元创新
The Impact of Government Guidance Funds on Dual Innovation of"Little Giant"Enterprises
摘要
Abstract
This study examines the differential impact of government guidance fund investments on the exploratory and ex-ploitative innovation of"Little Giant"enterprises,using a multi-period difference-in-differences(DID)model and data from Shanghai and Shenzhen listed firms from 2015 to 2024.The findings reveal:(1)Government guidance funds exhibit a significant resource endowment effect,promoting exploratory innovation by alleviating financing constraints while inhibiting exploitative innova-tion through optimized governance structures,confirming their role as patient capital.(2)Mechanism tests identify resource em-powerment(attracting social follow-up investment)and governance optimization(balancing major shareholders)as two core path-ways.(3)Synergistic effects exist among policy tools:innovation subsidies amplify the promotion of exploratory innovation,whereas intensifies the inhibitory effect on exploitative innovation.(4)Heterogeneity analysis shows these effects are more pronounced in state-owned enterprises,manufacturing firms,and enterprises in eastern China.The current fund model demonstrates limited effective-ness in non-state-owned enterprises,revealing a"mismatch"between policy tools and ownership structures.This research pro-vides new evidence on the micro-level mechanisms of government guidance funds and offers important insights for optimizing their operational system towards categorized implementation and precise empowerment.关键词
政府引导基金/专精特新"小巨人"企业/双元创新/耐心资本/资源赋能/政策依赖/企业创新/双重差分模型Key words
government guidance funds/"Little Giant"enterprises/dual innovation/patience capital/resource empowe-rment/policy dependence/enterprise innovation/difference-in-differences model分类
管理科学引用本文复制引用
郑慧,李梦笛,王春阳..政府引导基金与专精特新"小巨人"企业双元创新[J].工业技术经济,2026,45(7):81-92,12.基金项目
山东省社会科学基金项目"双重环境目标约束下山东传统制造业绿色转型风险应对策略研究"(项目编号:24DGLJ37). （项目编号:24DGLJ37）
