Impact Of Government Guidance Fund On The Innovation Performance Of Technological Innovation Enterprises

Innovation is the guarantee of national prosperity and national rejuvenation,as well as the foundation and source of vitality for enterprises.Due to the long-standing problem of information asymmetry in the market,financing has always been the top challenge faced by science and technology innovation enterprises.Social capital is difficult to meet their basic needs,making the innovation path of science and technology innovation enterprises challenging.With the increasing activity of state-owned capital in the venture capital market,the importance of government guidance funds in the innovation work of science and technology innovation enterprises is gradually becoming prominent.The government guidance fund has experienced explosive growth in various parts of the country since around 2013 and has now entered the stage of stock optimization.Its development model has gradually become more perfect.The new development stage has put forward stricter requirements for the management of government guidance funds,so it is necessary to conduct more in-depth research on them.The main research goal of this paper is to explore whether the government guidance fund has a positive impact on the innovation performance of science and technology innovation enterprises,whether there are significant differences in the sub samples with different conditions,and whether the government guidance fund can alleviate the impact of the COVID-19 on the innovation activities of science and technology innovation enterprises.Is there a positive impact of government guidance funds on the innovation performance of science and technology innovation enterprises? Existing research has not yet reached a consistent conclusion on this issue.Based on this situation,this article reviews and analyzes relevant theories after reading a large number of government guidance funds and enterprise innovation literature.Then,science and technology innovation enterprises listed on the Science and Technology Innovation Board and the Growth Enterprise Board from 2014 to 2021 are selected as the research objects,This paper uses the propensity score matching difference method(PSM-DID)to explore the impact of government guidance funds on innovation performance of sci-tech innovation enterprises,and conducts a sub sample heterogeneity regression analysis based on industry,innovation scale and life cycle,and then further analyzes the innovation performance of two types of enterprises(with or without government guidance funds)in the context of the COVID-19 epidemic.The conclusion mainly includes three aspects: firstly,government guidance funds have a significant positive impact on the innovation performance of science and technology innovation enterprises;Secondly,there are industry differences,innovation scale differences,and lifecycle differences in the impact of government guidance funds on enterprise innovation performance.Specifically,the positive impact on consumer and material enterprises,small innovation scale enterprises,and mature enterprises is more significant;Third,the government guidance fund can alleviate the impact of the COVID-19 on the innovation activities of science and innovation enterprises.In addition,this paper further verifies the robustness of the results by expanding the sample interval and replacing the explained variables.Finally,in order to make the government guidance fund play a more effective guiding role,some countermeasures and suggestions are proposed for science and technology innovation enterprises and the government in the fifth part of the article.