Add city fixed effects.

Using 9,138 observations from 731 strategic emerging enterprises in China’s A-share market between 2010 and 2023, this study explores the impact of government-guided funds on innovation in these enterprises and their underlying mechanisms. The main empirical findings are as follows: Firstly, there is a positive correlation between government-guided funds and innovation output in strategic emerging enterprises, and their endogeneity and robustness have been tested using instrumental variable methods and a series of other methods. Secondly, government-guided funds significantly enhance corporate innovation output through two pathways: one is by alleviating financing constraints on technological R&D; the other is by enhancing companies’ ability to access policy resources such as tax incentives. Thirdly, heterogeneity tests indicate that the innovative incentive effect of government-guided funds is more pronounced in eastern regions, state-owned enterprises, and companies with higher capital intensity from downstream customers. This study focuses on strategic emerging enterprises, providing a new perspective on the impact of government-guided funds on corporate innovation.本研究基于2010至2023年间中国A股市场731家战略新兴企业（strategic emerging enterprises）的9138条观测样本，探究政府引导基金（government-guided funds）对这类企业创新活动的影响及其内在作用机制。主要实证发现如下：其一，政府引导基金与战略新兴企业的创新产出呈正相关关系，且通过工具变量法（instrumental variable methods）及一系列其他方法检验了内生性（endogeneity）与稳健性（robustness）；其二，政府引导基金通过两条路径显著提升企业创新产出：一是缓解技术研发的融资约束（financing constraints），二是增强企业获取税收优惠（tax incentives）等政策资源的能力；其三，异质性检验（heterogeneity tests）结果显示，政府引导基金的创新激励效应在东部地区企业、国有企业以及下游客户资本密集度（capital intensity）更高的企业中更为显著。本研究聚焦战略新兴企业，为理解政府引导基金对企业创新的影响提供了全新视角。