The Impact of Technology Innovation Fund for Small and Medium-Sized Enterprises on Enterprise Innovation

Based on the list of projects approved by the Technology Innovation Fund for Small and Medium-sized Technology-based Enterprises from 2009 to 2013, the China Industrial Enterprise Database, and the China Patent Database, an evaluation, verification, and analysis of the impact of the Technology Innovation Fund (referred to as the Innovation Fund) on enterprise innovation were conducted using a propensity score matching model. Further heterogeneity analysis was conducted to examine the policy effects. The research results indicate that the Technology Innovation Fund for small and medium-sized technology-based enterprises has a significant positive impact on the innovation output of enterprises. Additionally, there are heterogeneity effects on innovation output among enterprises receiving support from the Innovation Fund, with export-oriented enterprises, enterprises in the eastern region, and capital-intensive industries having advantages in innovation output. Therefore, it is necessary to create a conducive social environment for enterprise innovation, enhance the awareness of independent research and development innovation, pay attention to the financing difficulties and high costs faced by small and medium-sized enterprises in innovation research and development, and improve the comprehensive evaluation system for science and technology innovation policies