Can government-guided funds promote corporate technology innovation? Evidence from the new energy automobile industry

被引：0
|
作者：
Li, Guangyu [1 ,2 ,3 ]
Zhang, Jun [2 ]
Wang, Yiming [4 ]
Zhao, Zijian [5 ]
机构：
[1] Henan Normal Univ, Sch Business, Xinxiang 453007, Peoples R China
[2] Fudan Univ, Sch Econ, Shanghai 200433, Peoples R China
[3] Soft Sci Res Base Henan Ind Struct Transformat & U, Xinxiang 453007, Peoples R China
[4] Shanghai Univ Int Business & Econ, Sch Finance, Shanghai 201600, Peoples R China
[5] Guotai Junan Secur, Res Inst, Shanghai 200000, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 96卷
关键词：
Government-guided funds; New energy automobile industry; Technology innovation;
D O I：
10.1016/j.iref.2024.103667
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
A government-guided fund is a crucial policy instrument for fostering innovation in the new energy automotive industry. This article examines the stimulating impact and underlying mechanisms of government-guided funding on A-share new energy automotive listed firms from 2012 to 2022, using a difference-in-differences (DID) model. The finding suggests that government-guided funds can effectively stimulate corporate technology innovation activities. Mechanism tests reveal that government-guided funds can encourage corporate innovation by alleviating financial constraints and attracting research and development experts. Additionally, government-guided funds have varying effects on the technology innovation of different types of enterprises within the new energy automobile industry chain, including upstream, midstream, and downstream companies. The study's findings have specific policy implications for increasing government-guided fund assistance and optimizing fund investment direction.
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页数：15
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