关键词: 政府投资基金, 数实融合, 耐心资本, 数字基础设施, 风险资本

Abstract: Government investment funds, characterized by their patient capital nature, serve as a crucial policy instrument for promoting digital-real integration. This paper utilizes a patent co-classification analysis method to measure the level of digital-real integration in 285 prefecture-level and above cities in China from 2006 to 2023. It further examines the channels through which government investment funds promote the digital-real integration, as well as their differentiated effects. The findings are as follows: (1) Government investment funds significantly facilitate digital-real integration by strengthening digital infrastructure and guiding the supply of social venture capital. (2) This promoting effect is more pronounced in cities with a better digital industry foundation, a more favorable institutional environment, and younger local government officials. (3) Regarding different fund types, industrial guidance funds promote digital-real integration through both enhancing digital infrastructure and guiding social venture capital, while venture capital guidance funds operate mainly through guiding social venture capital supply, and PPP guidance funds primarily function through strengthening digital infrastructure. The above conclusions not only offer new research perspectives for promoting the digital-real integration, but also provide new empirical evidence for enhancing the effectiveness of government investment fund policies and optimizing the mechanism for differentiated policy implementation.

Key words: Government Investment Funds, Digital-Real Integration, Patient Capital, Digital Infrastructure, Venture Capital