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| Research on the Impact of Government Guidance Funds on the Cultivation of Unicorn Enterprises |
| DU Yuan，ZHOU Menglin，YU Xiaoyue，WANG Zhuquan |
| 1. Ocean University of China, Qingdao, Shandong, China; 2. China Business Working Capital Management Research Center, Qingdao, Shandong, China |
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Abstract Taking companies that conducted initial public offerings (IPOs) on the A-share market from 2009 to 2022 as samples, this study innovatively uses the “recent financing price” method to identify unicorn enterprises, and uses financial data of listed companies to explore the impact of government guidance funds on the cultivation of unicorn enterprises. This study finds that government guidance funds effectively promote the growth of invested enterprises into unicorn enterprises, and the higher the administrative level of the government guidance funds and the earlier the timing of their intervention, the higher the likelihood that a company will grow into a unicorn. Mechanism research shows that the path for government guidance funds to play a guiding role is to improve the ability of invested enterprises to access social capital resources and policy information resources, promote the utilization of innovative resources by invested enterprises, and thereby increase the possibility of invested enterprises growing into unicorns.
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Received: 20 June 2024
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