Research On Technological Innovation Effect Of Government Guidance Fund

As an important domestic industrial policy tool,government guidance fund is of great significance for the long-term and stable development of economy and society.Based on a large number of studies,the State Council has also launched the strategy of "mass entrepreneurship and innovation" to promote the effective development of government industrial funds.Since then,in response to the smooth implementation of innovation and entrepreneurship,governments at all levels have also promulgated corresponding local policies to guide fund investment,so as to ensure the timely improvement of the development speed and continuous expansion of the scale of the fund.After 2018,the guiding fund has decreased in both scale and quantity,and the development has begun to enter the stock optimization period.In this process,we will focus on the quality of guiding fund.At the same time,innovation is an eternal topic for economic development.As the key of enterprise transformation,technological innovation has irreplaceable significance for industry transformation and regional economic development.Therefore,in the context of the overall environment,considering from the perspective of future development,it is very important to study the impact of government guidance fund on technological innovation,and this study can lay a foundation for guiding the fund to grow towards specialization in the future.This paper analyzes whether the technological innovation of enterprises is affected by the guidance fund.In this paper,716 listed companies are selected as the research objects.The first part firstly puts forward the background and significance of this research,and expounds the motivation of writing this paper.In the second part of the paper,the relevant theories of government-guided fund and the effect of technological innovation are summarized and reviewed,and three hypotheses of the relationship between enterprise technological innovation and government-guided fund are put forward: enterprise technological innovation is positively correlated with government-guided fund support;The government guidance fund brings the influence with the heterogeneity characteristic;And the government guidance fund can play a guiding role in the technological innovation of enterprises by influencing the signal transmission channel.The third part of the paper analyzes the development status and existing problems of government-guided funds based on the collection and sorting of relevant data from 2005 to 2019,laying a foundation for the empirical analysis.Paper classical econometric model of the fourth part draw lessons from previous scholars,using panel data for enterprise technology innovation and government guiding fund to quantitative analysis the effect of technology innovation,using a variety of methods to overcome the model after the benchmark return of endogeneity problem,the empirical results in robust,reliable,empirical displayed in the enterprise technology innovation,The role of government guidance fund is positive.Finally,the paper puts forward some policy suggestions.The main conclusions can be elaborated from the following aspects: First,under the influence of government guidance fund,enterprises can focus more on technological innovation,and after receiving corresponding government funding,their investment and output in innovation will increase.Second,for different regions,the influence of government guidance fund is heterogeneous,and its guiding effect in the central and western regions is weaker than that in the eastern regions.Third,with the help of signal transmission,the government guidance fund can promote the increase of innovation input of enterprises,enhance the innovation willingness of enterprises,and ensure that the market distribution can be optimized on the original basis.Based on this,this article provides a series of design ways for our government guidance fund policy and scientific and reasonable suggestions for our scientific and technological innovation implementation.