| Scientific and technological innovation is an important factor leading development.At present,the Chinese economy has shifted from a stage of high-speed growth to a stage of high-quality development.Innovation,as the fundamental driving force of economic growth,is in a critical period of breakthrough from factor input to efficient independent innovation,becoming the backbone of changing China’s economic development mode and ensuring that China smoothly passes through the economic transition period.The core of how to develop an innovative economy lies in how to fully stimulate the vitality of innovation resources,enhance independent innovation capabilities,break through the "bottleneck" technology,and achieve a leap in the value chain and innovation chain.Government guided funds can leverage social capital,improve the efficiency of fiscal funds,and intervene in the overall market economy from the perspective of capital supply.The government guidance fund in our country has a large scale,but behind the explosive development,there are also chaotic phenomena such as severe fund balance,duplicate target setting,and multi-layer nesting.There are problems such as slow investment pace,low efficiency,and insignificant industrial support effect,which make the innovation benefits of the guidance fund uncertain.Exploring the impact of government guided funds on regional innovation levels is of great significance in promoting further quality improvement and structural adjustment of government guided funds,leveraging the deeper effects of China’s government guided funds,serving the real economy more effectively,supporting scientific and technological innovation,ensuring the construction of major projects,and better promoting regional innovation and development.Firstly,On the basis of the theory of information asymmetry,externality and signal hypothesis,this thesis theoretically discusses whether the national fund can really play the role of regional innovation level;Then it analyzes whether the national fund can solve the problem of the decline of regional innovation level.At the same time,this thesis provides relevant assumptions and provides a theoretical basis for the follow-up research.Secondly,t This thesis reviews the state of development of the National Administered Fund and analyses the state of development and establishment of the National Managed Fund in Zhejiang Province,taking Zhejiang Province as an example.The results of systematic analysis of opposition,operation and investment patterns show that public funds as a whole still face problems such as differences in the choice of social capital and the political orientation of the government,and a high degree of decentralization.Third,This thesis introduces 31 provinces(municipalities and autonomous regions)from 2011 to 2021 Based on the panel data of,a linear regression model with fixed and regulatory effects is constructed to empirically test the above assumptions,further test the stability,and conduct qualitative analysis according to different resource allocation.The results of the study are as follows.Firstly,public funds have improved the level of innovation in the region.The National Advisory Fund uses social capital to encourage the flow of social capital to innovative enterprises,guide the flow of innovative capital to enterprises,achieve effective allocation of regional innovation resources,enhance the strength of regional innovation units,and improve the level of regional innovation.Secondly,There are regional differences in the regional effects of national funds supporting innovation,and the regional effects of national funds’ innovation also vary depending on funding factors.National advisory funds have failed to address the imbalance in the development of innovation in the region,and advisory funds that promote innovation in the region are mainly concentrated in the eastern region The amount of scientific research funds has a positive regulatory effect on the activities of state-owned funds to promote regional innovation,while the amount of direct funds has a negative regulatory effect on the role of state-owned funds in promoting regional innovation.At the same time,they also have a threshold effect: if both variables exceed a certain threshold value,The impact of national participation funds on regional innovation is evident.Finally,the conclusions of this study are summarized and suggestions are made for the scientific planning of government guidance fund system,measures and support mechanisms to improve government guidance fund management,and optimizing the financial environment. |
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