【摘要】 产业链供应链的安全性和韧性问题已成为现代化产业体系建设中的重要议题，而提升产业链供应链韧性和安全水平亦被纳入政府投资基金的重要政策目标之一。本文匹配了风险资本投资数据与全国税收调查数据，构建双重差分模型，从交易不确定性的角度出发，分析政府投资基金投资对企业协同分工的影响。研究发现，政府投资基金显著提高了被投企业的专业化分工水平；提高企业应对技术变革不确定性的能力、降低政策不确定性和缓解信息不对称是重要机制。异质性分析发现，在融资约束和关系维护成本更高的企业以及产业协同集聚水平更高和市场化水平更低的地区，该效应越显著；此外，该影响效果主要体现在第三产业中。拓展分析发现，政府投资基金也有助于增强供应链稳定性。本文为更好地发挥政府投资基金耐心资本属性、促进产业链上下游企业间的协同分工提供了经验证据。更多还原

【Abstract】 Existing literature emphasizes that supply chain resilience depends on efficient coordination and stable collaboration among diverse entities. However, from the perspective of transaction cost economics(TCE), excessive transaction costs constitute a fundamental barrier to deep specialization and cooperation. Specifically, transaction uncertainty can exacerbate zero-sum dynamics, induce opportunistic behavior, and erode long-term trust, thereby undermining the coordination efficiency of the supply chain system. Government investment funds(GIFs), a pivotal instrument of China’s equitybased fiscal policy, operate under the principle of “government guidance and market operation”. By injecting equity capital primarily into unlisted small and medium-sized enterprises(SMEs), GIFs aim to fortify the integrity of industrial chains. Despite their growing prominence as a dominant force in the equity investment market, systematic evidence regarding their impact on supply chain resilience and the underlying mechanisms remains scarce.This paper distinguishes GIFs from traditional venture capital to examine their influence on transaction uncertainty and corporate specialization. Utilizing a unique dataset constructed by matching venture capital data with firm-level tax survey data, this paper employs a difference-in-differences(DID) model for causal identification. The empirical results reveal three key mechanisms. Firstly,as “patient capital” with a higher tolerance for failure, GIFs enhance investee firms’ innovation capabilities, thereby improving their resilience to technological change uncertainty. Secondly, by aligning investment with national strategies and providing post-investment value-added services, GIFs mitigate policy uncertainty. Thirdly, GIFs exert a “certification effect” and strengthen external monitoring, thus alleviating information asymmetry between investee firms and their trading partners. Through these channels, GIFs significantly reduce transaction uncertainty and foster collaborative specialization along the supply chain. Heterogeneity analyses indicate that these effects are more pronounced for firms facing severe financing constraints and high relationship maintenance costs, as well as in regions with high industrial agglomeration or low marketization. The impact is primarily driven by the tertiary sector. Further analysis reveals that GIFs are found to dampen fluctuations in production and procurement under demand shocks, enhancing overall supply chain stability.Compared to existing literature,the marginal contributions of this study are threefold. Firstly, while enhancing the resilience and security of industrial and supply chains is a primary policy objective for establishing GIFs at national and regional levels, systematic theoretical and empirical research centered on this goal remains scarce. This paper integrates GIFs into the framework of transaction costs, providing a theoretical and empirical basis for evaluating their role in supply chain security through the lens of vertical specialization. Secondly, by utilizing tax survey data to track firms from their initial venture capital receipt, this paper overcomes the selection bias and data limitations associated with studies restricted to listed companies. Thirdly, it advances TCE research by theoretically decomposing and empirically testing specific sources of transaction uncertainty.更多还原