Government Guidance Funds, Vertical Fiscal Imbalance, and Regional Green Innovation
政府ガイダンスファンド、垂直的財政不均衡および地域のグリーンイノベーション (AI 翻訳)
Pengxiang Huang, Xiang Huang
🤖 gxceed AI 要約
日本語
本稿は、政府系ガイダンスファンドが地域のグリーンイノベーションに与える影響を、中国300都市のパネルデータを用いて分析。結果、これらのファンドは地方の環境・科学技術支出とリスク資本を拡大することでイノベーションを促進することを発見。垂直的財政不均衡はその効果を強化し、財政圧力や土地財政への依存度が高い都市で効果が顕著。
English
This study examines the impact of government guidance funds on regional green innovation in China. Using panel data from 300 cities from 2007 to 2023, it finds that such funds significantly promote green innovation by incentivizing local government spending on energy conservation, environmental protection, and R&D, as well as by expanding venture capital. Vertical fiscal imbalance moderates the effect, strengthening it, especially in cities with higher fiscal pressure and land finance reliance.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国政府のガイダンスファンドの成功は、日本のグリーンイノベーション促進のための財政政策に示唆を与える。特に地方財政の不均衡がイノベーションを促進する可能性は、日本の地方創生やGX推進にも参考となる。
In the global GX context
This paper provides empirical evidence from China on how government equity funds can drive green innovation, offering insights for countries using fiscal tools for green transition. The novel moderating role of vertical fiscal imbalance highlights the importance of fiscal structures in environmental policy effectiveness.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the effectiveness of government equity funds for green innovation, with implications for fiscal federalism and environmental policy design.
🏢実務担当者:Offers insights for fund managers and local governments on how to leverage guidance funds for green innovation, emphasizing the role of fiscal independence and venture capital.
🏛政策担当者:Highlights how vertical fiscal imbalance can be used to enhance the impact of green funds, suggesting fiscal reforms to support green transition.
📄 Abstract（原文）
Green innovation serves as a critical pathway for achieving the goals of "carbon peak and carbon neutrality". While the existing literature has mostly focused on debt-based green financial instruments, such as green credit and green bonds, the role of equity-based instruments, particularly green government guidance funds, in driving regional green innovation has received comparatively less attention. Using data from the Zero2IPO Private Equity Database and a panel of 300 prefecture-level cities in China from 2007 to 2023, this study employs a two-way fixed-effects model to empirically analyze the impact of government guidance funds on regional green innovation and to explore the moderating effect of vertical fiscal imbalance.The results indicate that government guidance funds significantly promote regional green innovation. Mechanism analysis reveals that these funds exert their positive influence indirectly through two primary channels: by incentivizing local governments to increase expenditures toward energy conservation&environmental protection and science&technology innovation, and by amplifying the scale of regional risk capital. Moderating effect analysis shows that vertical fiscal imbalance itself contributes to regional green innovation and, moreover, strengthens the innovation-promoting effect of government guidance funds.Heterogeneity analysis based on fiscal, financial, and environmental regulation dimensions reveals that the green innovation-promoting effect of government guidance funds is more pronounced in cities with higher local fiscal pressure, greater reliance on land finance, and more abundant credit resources. However, this positive effect is observed only in regions with stringent environmental regulations.This study contributes to the literature on the "proactive government" and green finance. It provides theoretical insights and practical implications for local governments to synergistically and adaptively employ both conventional and innovative green fiscal and financial instruments to facilitate the green transition of the economy, advance the "dual carbon" goals, and promote sustainable development.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.2139/ssrn.6233404first seen 2026-05-14 21:41:41
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