政府引导基金与专精特新"小巨人"企业双元创新OACHSSCD

This study examines the differential impact of government guidance fund investments on the exploratory and ex-ploitative innovation of"Little Giant"enterprises,using a multi-period difference-in-differences(DID)model and data from Shanghai and Shenzhen listed firms from 2015 to 2024.The findings reveal:(1)Government guidance funds exhibit a significant resource endowment effect,promoting exploratory innovation by alleviating financing constraints while inhibiting exploitative innova-tion through optimized governance structures,confirming their role as patient capital.(2)Mechanism tests identify resource em-powerment(attracting social follow-up investment)and governance optimization(balancing major shareholders)as two core path-ways.(3)Synergistic effects exist among policy tools:innovation subsidies amplify the promotion of exploratory innovation,whereas intensifies the inhibitory effect on exploitative innovation.(4)Heterogeneity analysis shows these effects are more pronounced in state-owned enterprises,manufacturing firms,and enterprises in eastern China.The current fund model demonstrates limited effective-ness in non-state-owned enterprises,revealing a"mismatch"between policy tools and ownership structures.This research pro-vides new evidence on the micro-level mechanisms of government guidance funds and offers important insights for optimizing their operational system towards categorized implementation and precise empowerment.