报告题目：Government sponsorship and innovation: The Gazelle Plan in China’s Zhongguancun Science Park

报告所属学科：应用经济学

报告人：张超（中国科学院科技战略咨询研究院）

报告时间：2022年9月23日 19:00-21:00

报告地点：腾讯会议：497-617-518

报告摘要：

Promoting high-growth enterprises’ innovation performance has become an explicit policy focus in recent years. This study extends the extant literature on the effects of public funding schemes by focusing on an under-researched sponsorship scheme designed to develop the financial market and mobilize external finance for innovation. We posit that external finance has positive and moderating effects on innovation. The positive effect improves firms’ innovation performance; the moderating effect diminishes when the amount of external finance received by firms exceeds a threshold level. We further hypothesize that sponsorship improves firms’ innovation performance by enhancing the positive and diminishing moderating effects. To test our hypotheses, we selected Zhongguancun Science Park’s Gazelle Plan as the study context. We constructed a balanced panel of 37,270 firm-year observations and adopted difference-in-differences and panel threshold models to provide an evidenced-based approach for refining public support policies for firm innovation. The results suggest that the Gazelle Plan has limited effects on enhancing the positive and moderating effects of venture capital and promoting new product sales. Implications and suggestions for academia and policymakers are provided.

报告人简介：

中国科学院科技战略咨询研究院博士后，主要研究领域为创新生态系统、创新发展政策、创新投融资等。主持国家自然科学基金青年科学基金项目和博士后特别资助项目，参与国家杰出青年科学基金项目、社科重大项目、院士咨询建议项目、发改委发展规划项目、科技部战略研究任务等多个项目，并形成多篇研究专报与政策建议。目前已在Research Policy, R&D Management, Technological Forecasting & Social Change, Science and Public Policy等以及《科研管理》《管理评论》等国内外重要期刊发表多篇论文，并参与出版《高技术发展报告》《国家创新发展报告》等多部学术论著与研究报告。