政府引导基金对地区经济发展及溢出效应的影响分析

成 程; 李惟韬; 阳世辉

政府引导基金对地区经济发展及溢出效应的影响分析

引用本文：成程，李惟韬，阳世辉.政府引导基金对地区经济发展及溢出效应的影响分析[J].财经理论与实践,2021,(5):18-25

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作者	单位
成程，李惟韬，阳世辉	（湖南大学金融与统计学院，湖南长沙 410006)

中文摘要:依据中国282个城市2006-2018年政府引导基金、风险投资、发明专利以及城市经济的相关数据进行匹配，运用空间杜宾模型（SDM），实证检验政府引导基金对地区经济增长、风险投资活动以及创新产出的影响。结果表明：政府引导基金可以显著促进本地经济增长、风险投资以及创新活动的发展；但周边地区政府引导基金的成立与增加会对本地经济增长和风险投资活动产生挤出效应；周边地区政府引导基金负向的间接效应削弱了本地政府引导基金正向的直接效应，造成政府引导基金对地区经济增长和风险投资活动总效应的显著性下降。结论对平衡地区间政府引导基金的竞争关系，加强国家对政府引导基金的监管与协调发展具有重要意义。

中文关键词:政府引导基金风险投资空间计量经济学模型空间溢出效应

The Impact and Spillover Effects of Government Guidance Funds on Regional Economic Development

Abstract:This paper uses the data of 282 Chinese cities from 2006 to 2018 and examines the impact of government guidance funds (GGFs) on regional economic growth, venture capital activities and innovation output by the Spatial Durbin Model (SDM). The results show that: GGFs can significantly promote local economic growth, venture capital investment and innovation activities; however, the establishment and increase of GGFs in neighboring areas will have a crowding-out effect on local economic growth and venture capital activities; the negative indirect effect of GGFs in neighboring areas will weaken the positive direct effect of GGFs in the local region, resulting in a negative impact of GGFs on local economic growth, venture capital activities and innovation output. The significance of regional economic growth and the total effect of venture capital activities decreases. This paper has important implications for balancing the competitive relationship between regional GGFs and strengthening the state's supervision and coordination of GGFs.

keywords:government guidance funds venture capital spatial econometric model spatial spillover effects

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