政府投资基金如何赋能企业新质生产力发展

How Can Government Investment Funds Empower the Development of New Quality Productive Forces of Enterprises?

中文关键词:  政府投资基金  企业新质生产力  创新要素配置  资本市场关注度  有效市场  有为政府

英文关键词:government investment funds  new quality productive forces of enterprises  allocation of innovation factors  capital market attention  efficient market  well-functioning government

中文摘要:

      政府投资基金作为创新型金融工具,在企业新质生产力发展过程中能否发挥作用值得探究。基于2011—2022年中国A股上市公司数据,实证检验了政府投资基金对企业新质生产力的影响及其机制。研究发现,政府投资基金能够促进企业新质生产力发展,且通过优化创新要素配置与提升资本市场关注度两条路径实现。异质性分析发现,政府投资基金对企业新质生产力发展的赋能效应在国有、内部控制质量高、位于东部地区及非重污染行业的企业中更为显著。因此,应持续强化政府投资基金的引导功能,支持技术突破和产业升级,优化创新生态,助力企业新质生产力发展,推动有效市场和有为政府更好结合。

英文摘要:

      It is of significance to examine the role of government investment funds, as an innovative financial instrument, in empowering the development of new quality productive forces of enterprises. Based on the data from A-share listed companies in China from 2011 to 2022, this paper empirically examines the impact of government investment funds on new quality productive forces of enterprises. The findings show that government investment funds can empower the development of new quality productive forces of enterprises, primarily through two channels:optimizing the allocation of innovation factors and attracting greater attention from the capital market. Heterogeneity analysis indicates that the empowering effect is more pronounced in state-owned enterprises, enterprises with high internal control quality, those located in the eastern regions, and those in non-heavily polluting industries. Therefore, it is essential to continuously strengthen the guiding role of government investment funds, support technological breakthroughs and industrial upgrading, optimize the innovation ecosystem, facilitate the development of new quality productive forces of enterprises, and promote the better integration of an efficient market and a well-functioning government. 