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Government industrial guidance fund, financing constraints, and corporate innovation

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  • Ye, Guoan
  • Chen, Mengmeng

Abstract

Based on data from Chinese listed companies, this paper examines the relationships among government industrial guidance funds, financing constraints, enterprise innovation levels, and operational performance. The research sample covers listed companies from different industries and regions between 2006 and 2023. Through regression analysis, the study finds that: government industrial guidance funds have a significant positive impact on enterprise innovation; financing constraints play a mediating role between government industrial guidance funds and enterprise innovation; government industrial guidance funds also have a significant positive impact on enterprise operational performance; and financing constraints similarly mediate the relationship between government industrial guidance funds and enterprise performance. Based on these findings, it is recommended that policymakers strengthen the allocation of government industrial guidance funds to alleviate financing constraints, thereby fostering innovation and improving operational performance in enterprises. Special attention should be given to increasing the accessibility of these funds for small and medium-sized enterprises, which face higher financing barriers.

Suggested Citation

  • Ye, Guoan & Chen, Mengmeng, 2026. "Government industrial guidance fund, financing constraints, and corporate innovation," Finance Research Letters, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:finlet:v:102:y:2026:i:c:s1544612326004502
    DOI: 10.1016/j.frl.2026.109921
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