Abstract: As a newly established policy industry investment guidance fund, the government guidance fund has gained some successful experiences, which have garnered significant attention across various sectors. From the perspective of the development of the government guidance fund, its growth trajectory has recently decelerated and entered the stage of stock game. Evaluating the extent to which its policy role has been fully realized remains an important issue requiring in-depth examination. Furthermore, One of the primary objectives behind establishing government guidance funds is to attract additional capital and subsequently facilitate entrepreneurship and innovation among small and medium-sized enterprises, as well as foster the growth and advancement of strategic emerging industries. Enhancing enterprise risk management serves as a crucial prerequisite for promoting enterprise innovation and industrial upgrading. Therefore, this paper adopts enterprise risk-taking as a pivotal standpoint to assess the actual policy impact of government guidance funds.
Based on this, the present study selects the data of enterprises from China's A-share main board, growth enterprise board, and small and medium-sized enterprise board in the period of 2010 to 2020 as research samples to empirically examine the aforementioned questions. The findings are as follows: (1)The introduction of government guidance funds significantly enhances overall enterprise risk-taking behavior, and this conclusion remains robust even after conducting a series of rigorous tests such as propensity matching score analysis. (2)The impact of government guidance funds on enterprise risk-taking exhibits obvious heterogeneity. It exerts a significant promoting effect on large enterprises, leading to a strengthening effect. However, for small and medium-sized enterprises, the role of government guidance funds in stimulating their risk-taking behavior is not evident, failing to achieve the intended objective of assisting weaker entities. This indicates that the actual policy effectiveness of government guidance funds has not been fully utilized and that their original purpose of supporting the development of small and medium-sized enterprises has not been realized. (3)Test results regarding transmission mechanisms demonstrate that government-guided funding primarily facilitates corporate risk-taking by alleviating financing constraints and addressing agency problems.
Finally, based on the research conclusions, this paper puts forward the following policy suggestions for the development of government guidance funds: (1)Local governments can make use of the “strengthening” effect of guidance funds to properly introduce high-quality enterprises with previous successful experience, and take this as a pioneer to explore a set of practical and effective operation mode. (2)Faced with the identification dilemma of high-quality SMEs, the government needs to encourage enterprises to volunteer themselves to show their development value and potential to reduce the cost of identification and selection. (3)On the basis of careful selection of high-quality enterprises, the government guidance fund should dare to assume responsibility and actively introduce social capital for follow-up and rescreening, so as to give full play to its guiding role.

Key words: Government Guidance Fund, Enterprise Risk-taking, Enterprise Heterogeneity

摘要： 近来,政府引导基金项目的一些成功经验引起了各界的极大关注。政府引导基金设立的主要目的是为了引入更多资金,助力于中小企业创业创新及战略性新兴产业的成长与发展,而企业风险承担水平的提升则是其促进企业创新与产业升级的重要前置环节。有鉴于此,本文选取中国A股主板和创业板、中小板企业2010—2020年的数据为样本对上述问题进行研究。结果发现:(1)总体上政府引导基金的引入显著提升了企业风险承担水平,且这一结论在进行了稳健性检验后依然成立。(2)政府引导基金对企业风险承担的影响具有明显的差异性。对大企业而言,政府引导基金对企业风险承担的正向促进作用是显著的,产生了“助强”的效果;而对中小企业来说,政府引导基金的促进作用并不明显,尚未达到“扶弱”的效果。(3)对传导机制的检验表明,政府引导基金通过缓解企业融资约束和代理问题来对企业风险承担产生正向促进作用。最后,本文还提出了相应的政策建议。

关键词: 政府引导基金, 企业风险承担, 企业异质性