This study examines the nexus between fiscal science and technology (S&T) expenditure and venture capital growth using panel data from 293 prefecture-level cities from 2005 to 2022. Findings reveal that fiscal investments in S&T promote the development of venture capital. Furthermore, favorable business and financial environments positively moderate the stimulatory effect of fiscal S&T expenditure on venture capital. The impact of fiscal S&T expenditure on venture capital varies by region. This study bridges the theoretical gap in understanding the implications of the government's indirect support policies for venture capital and offers a fresh perspective on the dynamics between government and market forces.

中文翻译：

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营商环境对财政科技支出与风险投资关系的调节作用


本研究使用 2005 年至 2022 年来自 293 个地级市的面板数据，研究了财政科学和技术 （S&T） 支出与风险资本增长之间的联系。研究结果表明，科技领域的财政投资促进了风险投资的发展。此外，有利的商业和金融环境积极缓和了财政科技支出对风险投资的刺激作用。财政科技支出对风险投资的影响因地区而异。本研究弥合了理解政府间接支持政策对风险投资影响的理论差距，并为政府与市场力量之间的动态提供了新的视角。