Government Venture Capital Guiding Fund, New Urbanization and High-quality Economic Development
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(1.Business School Hohai University,Nanjing 211100,China;2.Institute of Technological Innovation and Industrial Economic Development, Hohai University,Nanjing 210098,China)

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F832.4

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    Abstract:

    Government venture capital guiding fund is an important tool to support the development of micro enterprises with financial instruments. With the increasing effect of fiscal and monetary policies, it is necessary to give better play to the leverage role of government venture capital guiding fund and other financial resources to leverage social funds and improve the efficiency of high-quality economic development system. Based on the system theory, the government venture capital guiding fund and business environment are used as proxy variables to measure the high quality economic development by using total factor productivity. With the inter-provincial panel data of 29 provinces (autonomous regions and municipalities) from 2008 to 2020 as research samples, the systematic GMM model is used to empirically test the effects of government venture capital guiding fund and business environment on high-quality economic development. It is found that there are two different paths for high-quality economic development: “weak resource supply weak institutional supply - weak resource supply strong institutional supply - strong resource supply strong institutional supply-system function improvement” path and “weak resource supply weak institutional supply-strong resource supply weak institutional supply - strong resource supply strong institutional supply-strong resource supply strong institutional supply - system function improvement” path. These two paths both break the resource dependence (structural dependence and process dependence) in the development of economic system. Government venture capital guiding funds can promote high-quality economic development, and a better business environment will strengthen the promoting effect of government venture capital guiding funds on high-quality economic development. In regions with better business environment, government venture capital guiding funds play a stronger role in influencing the capital guidance effect, risk sharing effect and political correlation effect in the process of high-quality economic development.

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史安娜,刘希佳.政府创投引导基金、营商环境与经济高质量发展[J].河海大学学报(哲学社会科学版),2023,25(1):109-119.(SHI Anna, LIU Xijia. Government Venture Capital Guiding Fund, New Urbanization and High-quality Economic Development[J]. Journal of Hohai University (Philosophy and Socail Sciences),2023,25(1):109-119.(in Chinese))

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History
  • Received:January 27,2022
  • Revised:
  • Adopted:
  • Online: March 06,2023
  • Published: