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

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE International Review of Economics & Finance Pub Date : 2024-10-04 DOI:10.1016/j.iref.2024.103667

Guangyu Li , Jun Zhang , Yiming Wang , Zijian Zhao

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Abstract

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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政府引导基金能否促进企业技术创新？来自新能源汽车产业的证据

政府引导基金是促进新能源汽车产业创新的重要政策工具。本文利用差分（DID）模型，研究了2012-2022年政府引导基金对A股新能源汽车上市公司的激励作用及其内在机制。研究结果表明，政府引导基金能够有效刺激企业的技术创新活动。机制检验表明，政府引导基金可以通过缓解资金约束和吸引研发专家来鼓励企业创新。此外，政府引导基金对新能源汽车产业链中不同类型企业（包括上游、中游和下游企业）的技术创新具有不同的影响。研究结果对加大政府引导基金扶持力度、优化基金投资方向具有具体的政策指导意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.