企业创新活动的研发周期长、投资风险较高，往往面临较大的资金缺口。为引导更多社会资金投入到关键领域和薄弱环节，推动提升企业科技创新水平，我国政府引导基金诞生并不断发展。现有研究对政府引导基金能否推动企业创新仍存在讨论空间：现有实证研究结论存在分歧，对以创业板为代表的科技型中小企业关注不足，对2015年后政府引导基金进入规范化发展阶段的研究有限，对政府引导基金推动企业创新的作用机制解释较为模糊，缺乏对具体作用路径的深入分析。本研究聚焦于政府引导基金和企业创新的关系，采用定量分析的方法，搜集2015-2022年创业板上市企业的数据和相应的政府引导基金投资事件，构建双重差分模型，探究我国政府引导基金对企业创新的作用效果，在样本选择和研究方法上对现有实证研究进行补充。在机制解释上，本研究结合失败容忍假说、信息不对称理论、资源基础理论等，从风险、信息、资源三个角度提出政府引导基金缓解企业融资约束的作用路径，通过案例研究对所提出的作用路径进行验证，在作用机制解释上对现有研究进行补充。实证研究结果显示，政府引导基金的投资能显著提升企业的专利产出水平。该作用效果存在一定异质性，对东部地区企业、信息技术行业企业、民营企业显著。理论分析显示，政府引导基金主要通过缓解企业融资约束来推动企业创新，具体可以分为三种作用路径：（1）提供风险容忍度高的资金；（2）发挥信号作用引导社会资金；（3）通过政治关联提升企业获得资源的能力，降低企业经营成本。案例研究显示，在合肥市运用政府引导基金的投资实践中，政府引导基金发挥了失败容忍效应、信号效应、资源效应，缓解了企业的融资困境，从而推动了企业创新，验证了实证研究的结论和理论分析提出的三种作用路径。本文提出如下政策建议：（1）在绩效评价上，构建更加科学的引导基金绩效评价体系，将绩效评价体系与企业创新深度结合；（2）在风险承担上，建立更加完善的容错机制，让资金真正投入到高风险的创新活动中；（3）在投资决策上，构建完善的投资决策机制，共同发挥政府和创投机构两方面的研判能力；（4）在运营管理上，要构建市场化运营体系，加大对创投机构的吸引力；（5）在政策支持上，结合各地资源禀赋，调动多种资源支持企业发展。

Because of the long R&D cycle and high investment risks, innovation activities of enterprises often face significant funding gaps. In order to guide more social funds into key areas and weak sectors, and to promote enterprise technological innovation capabilities, the Chinese government has started to introduce Government Guidance Funds (GGFs). There is still room for discussion in existing research on whether GGFs can promote enterprise innovation: existing research conclusions are divergent, and limited empirical research pay attention to technology-based small and medium-sized enterprises represented by the Growth Enterprise Market (GEM) and on the standardized development stage of GGFs after 2015. Also, existing research only has vague explanation of the role of GGFs in promoting enterprise innovation, lacking a deep discussion on its mechanism.This study focuses on the relationship between GGFs and enterprise innovation. It employs quantitative analysis methods, collecting data on enterprises listed on the GEM from 2015 to 2022, along with corresponding GGFs investment events. A double difference model is constructed to investigate the effect of GGFs on enterprise innovation in China. Also, this study combines the failure tolerance hypothesis, information asymmetry theory, and resource-based theory, and proposes the path of GGFs to alleviate corporate financing constraints from the perspectives of risk, information, and resources. The proposed action path is verified through case studies. This study supplements existing research in terms of sample selection, research methods and mechanism explanation. The empirical research results show that the investment of GGFs can significantly improve the patent output of enterprises, particularly for enterprises in the eastern region, information technology industry, and private enterprises. Theoretical analysis shows that GGFs mainly promote enterprise innovation by alleviating financing constraints, which can be divided into three specific paths: (1) provide funds with high risk tolerance; (2) play a signaling role to guide social funds; (3) enhance the ability of enterprises to obtain resources and reduce operating costs through political connections. The case study shows that in the investment practice of using GGFs in Hefei City, GGFs have played a role in failure tolerance effect, signal effect, and resource effect, alleviating the financing difficulties of enterprises, thereby promoting enterprise innovation. The case study verifies the conclusions of empirical research and the three paths proposed in theoretical analysis.This study proposes following policy recommendations: (1) In terms of performance evaluation, build a more scientific GGFs performance evaluation system, and deeply integrate the performance evaluation system with enterprise innovation; (2) In terms of risk-taking, establish a more comprehensive fault-tolerant mechanism to truly invest funds in high-risk innovation activities; (3) In investment decision-making, establish a sound investment decision-making mechanism and jointly leverage the analytical capabilities of both the government and venture capital institutions; (4) In terms of operational management, build a market-oriented operating system and increase the attractiveness to venture capital institutions; (5) In terms of policy support, take advantage of local resource endowments, and mobilize various resources to support the development of enterprises.