金融学院知识库

党的二十大报告中提出，要实施产业基础再造工程和重大技术装备攻关工程

对“专精特新”中小企业进行扶持。有关部门表示在“十四五”期间，我国为了

加快解决关键技术“卡脖子”难题，将着重培育万家“专精特新”小巨人企业开

展“补链强链”专项行动，但社会资本对“专精特新”小巨人企业投资力度不足，

无法形成长期有效的培育体系，导致“专精特新”小巨人企业创新能力提升缓慢。

政府引导基金作为政策性资金，能够运用自有资金，与其他社会资本方合作设立

专项基金，扩大财政基金的杠杆效应，打破“专精特新”小巨人企业的融资约束，

提升其的创新能力；同时，政府引导基金可以推动中小企业聚集发展，打造特色

的产业集群，助力企业间协同创新。因此，本文采用理论与实证相结合的方法，

系统地研究政府引导基金在促进“专精特新”小巨人企业创新中的作用机制，为

推动我国中小企业发展壮大提供科学依据。

首先，借鉴信息不对称、信号传递假说和产业集群理论，从经济学基础理论

出发，深入剖析了政府引导基金对“专精特新”小巨人创新的作用机理，并提出

相应的研究假设。其次，将 2017-2022 年间在 A 股上市或新三板、北交所挂牌的

“专精特新”小巨人企业列为实证研究对象，构建双重差分模型（DID）进行回

归分析，使用倾向得分匹配双重差分方法（PSM-DID）在一定程度上消除内生

性的影响后再次回归检验，并且在更换被解释变量以及变量滞后一期两种稳健性

检验下，其统计结果仍然显著，可靠性较高；同时，通过对样本数据的归类，研

究“专精特新”小巨人企业在我国地区、行业中的创新能力是否存在异质性。最

后，得出结论：政府引导基金参与能够对“专精特新”小巨人企业创新产生正向

促进作用，相比于没有政府引导基金参与的企业，政府引导基金的参与能够显著

地提升“专精特新”小巨人企业的创新能力，并在地区、行业方面存在差异化的

表现。并且依据上述结论提出如下建议：第一，政府引导基金应加大对“专精特

新”小巨人企业投资力度；第二，构建因地适宜的政府引导基金绩效评价机制；

第三，启动对政府引导基金的优化整合。

The report of the Twentieth National Congress of the Communist 

Party of China (CPC) proposes the implementation of industrial 

foundation reconstruction projects and major technology and equipment 

research projects to support small and medium-sized enterprises (SMEs) 

that "specialize, specialize and specialize in new technologies". The 

relevant departments said that during the "14th Five-Year Plan" period, in 

order to speed up the solution of the "bottleneck" problem of key 

technologies, they will focus on cultivating 10,000 "specialized, special 

and new" small giant enterprises to carry out the special action of 

"supplementing the chain and strengthening the chain", but the social 

capital has insufficient investment in "specialized, special and new" small 

giant enterprises, and cannot form a long-term and effective cultivation 

system, resulting in the slow improvement of the innovation ability of 

small giant enterprises. As a policy fund, the government guidance fund 

can use its own funds to cooperate with other social capital parties to set 

up special funds, expand the leverage effect of financial funds, break the 

financing constraints of "specialized, special and new" small giant 

enterprises, and enhance their innovation capabilities. Therefore, this 

paper adopts a combination of theory and empirical method to 

systematically study the mechanism of government guidance funds in 

promoting the innovation of "specialized, special and new" small giant 

enterprises, so as to provide a scientific basis for promoting the 

development and growth of small and medium-sized enterprises in China.

Firstly, drawing on the theory of information asymmetry, the signal 

transmission hypothesis, and the theory of industrial clusters, this paper 

deeply analyzes the mechanism of government guidance funds on the 

innovation of "specialized, special and new" small giants based on the 

basic theory of economics, and puts forward corresponding research 

hypotheses. Secondly, from 2017 to 2022, the "specialized, special and 

new" listed on the A-share market or the New Third Board and the 

Beijing Stock Exchange The small giant enterprises were listed as the 

empirical research objects, and the difference-in-difference model (DID) 

was constructed for regression analysis, and the propensity score matched 

difference-in-difference method (PSM-DID) was used to eliminate the 

influence of endogeneity to a certain extent, and the statistical results 

were still significant and reliable under the two robustness tests of 

replacing the explanatory variable and the variable lag period. Whether 

there is heterogeneity in the industry's innovation capabilities. Finally, it 

is concluded that the participation of government guidance funds can 

have a positive effect on the innovation of "specialized, special and new" 

small giant enterprises, and compared with enterprises without the 

participation of government guidance funds, the participation of 

government guidance funds can significantly improve the innovation 

ability of "specialized, special and new" small giant enterprises, and there 

are differentiated performance in regions and industries. Based on the 

above conclusions, the following suggestions are put forward: first, the 

government guidance fund should increase investment in "specialized, 

special and new" small giant enterprises, second, build a performance 

evaluation mechanism for the government guidance fund that is suitable 

for the local area, and third, start the optimization and integration of the 

government guidance fund.