科技创新是推动经济增长的关键因素。科技创新企业在成长过程中，资金筹集常面临挑战，主要因为市场信息不对称导致资本供给不足。随着国家对创业投资的加强，政府引导基金已成为支持科创企业发展的重要工具。自2013年以来，中国的政府引导基金快速发展，并逐步进入优化和完善的新阶段。本文旨在评估政府引导基金是否对科技创新企业的创新能力产生积极影响，并探索这种影响在不同条件下的差异性。本研究对象为国内科创板和创业板上市的公司，时间跨度为2013年至2022年，结合倾向得分匹配法（PSM）和倍差法（DID）构建PSM-DID模型对基金的引导效果进行实证检验，并从企业创新规模、企业所处生命周期、行业性质及区域分布等方面进行异质性分析。本研究的结果显示，政府引导基金能够对科技创新企业的创新能力产生显著的正面影响，且在不同地区、行业、创新规模和生命周期的科创企业中表现具有较大差异。最后，本文从影响机制的角度得出结论，政府引导基金能够缓解科创企业融资约束，进而促进企业的研发投入，进而提高科创企业的创新水平。本研究强调了政府引导基金在促进科技创新企业发展中的积极作用，并建议科技创新企业和政府如何更有效地利用这些基金来增强企业创新能力。建议政府在策略上考虑行业特性和企业成长阶段，以定向增强支持效果。

Technological innovation is a key factor in promoting economic growth. Enterprises often face challenges in raising funds, mainly due to insufficient capital supply due to market information asymmetry. As the country strengthens its investment in entrepreneurship, government guidance funds have become a vital tool to support the progress of scientific and technological enterprises. Since 2013, China’s government guidance funds have developed rapidly and gradually entered a new stage of improvement.This article seeks to assess whether such funds positively influence the innovation capabilities of technological innovation enterprises and to investigate the variations in this impact under different conditions. The focus of this study is on companies listed on the domestic Science and Technology Innovation Board and GEM, and the time span is from 2013 to 2022. The PSM-DID model is built to evaluate the guiding effect of funds. Empirical testing is conducted, and heterogeneity analysis is conducted from aspects such as the scale of enterprise innovation, the life cycle of the enterprise, the nature of the industry, and regional distribution.The results show that government guidance funds have a significant positive impact on the innovation capabilities of scientific and technological innovation enterprises. This impact varies greatly in different regions, industries, innovation scales and life cycles. Finally, this paper concludes that government guidance funds can alleviate the financing constraints of scientific and technological innovation enterprises, thereby promoting enterprises‘ R&D investment, and improving the innovation.This study highlights the positive role of government guidance funds in promoting the development of technological innovation enterprises and suggests how technological innovation enterprises and the government can use these funds more effectively to enhance corporate innovation capabilities. It is recommended that the government strategically consider the characteristics of the industry and the growth stage of the enterprise to enhance the support effect in a targeted manner.