Abstract: The transformation of scientific and technological achievements is crucial for converting scientific advancements into productive forces, thereby playing a pivotal role in fostering high-quality economic and social development. Government guidance funds are an innovative fiscal instrument for implementing China's innovation-driven development strategy. Much of the attention from various sectors of society is focused on how these funds influence venture capital and technological innovation. However, there has been limited academic exploration into how government guidance funds impact the transformation of scientific and technological achievements. In January 2025, the State Council issued the policy document "Guidelines on Promoting High-Quality Development of Government Investment Funds", which explicitly emphasized the establishment of a coordinated mechanism. This mechanism involves national major science and technology projects supporting front-end research and development, while government investment funds support the transformation and industrialization of achievements. Consequently, investigating the impact of government guidance funds on the transformation of scientific and technological achievements holds significant theoretical and practical implications. From a theoretical perspective, this article first integrates government guidance funds and the transformation of scientific and technological achievements into the same framework, aiming to reveal the potential relationship between these two elements. From an empirical perspective, this study constructs balanced panel data based on the transfer data of invention patents authorized in China from 2008 to 2018 and the establishment information of government guidance funds across 284 cities. We conduct an empirical analysis using a two-way fixed effects model to provide evidence supporting the aforementioned theoretical hypotheses. Finally, by considering the heterogeneity of city characteristics and fund types, the study further examines the heterogeneous effects of government guidance funds on the transformation of scientific and technological achievements. The results demonstrate that government guidance funds significantly enhance the transformation of scientific and technological achievements. On the one hand, they exert a "leverage effect" by mobilizing venture capital and empowering innovation entities to address funding gaps. On the other hand, they generate a "guidance effect" by fostering enterprise clustering and facilitating industry-university-research collaboration, thereby systematically enhancing scientific and technological achievement transformation. Furthermore, threshold regression analysis reveals no threshold effect for fund scale but a significant threshold effect for the number of funds. Beyond this threshold, the positive impact on the transformation of scientific and technological achievements may markedly diminish due to increased management and supervision difficulties and resource dispersion. The robustness of these conclusions is confirmed through a series of rigorous tests. This paper provides a novel perspective on overcoming bottlenecks in transforming scientific and technological achievements. Additionally, it offers empirical evidence and policy recommendations for continuously refining the government guidance fund system, promoting the better integration of "capable government" and "effective market".

摘要： 科技成果转化是促进科学技术转变为现实生产力的关键环节，在推动经济社会高质量发展中发挥着不可替代的作用。政府引导基金是我国实施创新驱动发展战略的创新财政工具，其设立如何影响当地科技成果转化水平，进而促进经济社会效益的实现值得深入探究。本研究基于2008-2018年中国发明授权专利转让数据和284个城市政府引导基金设立信息构建平衡面板数据，运用双向固定效应模型进行实证分析。研究发现：政府引导基金对科技成果转化有显著的正向促进作用。一方面，发挥“杠杆效应”撬动风险资本，为创新主体赋能；另一方面，发挥“引导效应”促进企业集聚，推动产学研合作，进而提升科技成果转化水平。本研究为解决科技成果转化中的瓶颈约束提供了新视角，也为政府持续完善引导基金制度，推动“有为政府”和“有效市场”更好结合提供了经验证据和政策参考。