Government Guidance Funds and Corporate Organizational Resilience

As an important instrument for supplementing fiscal funds and correcting market failures, government-guided funds play a significant role in cultivating and enhancing corporate organizational resilience. Based on data from China's Shanghai and Shenzhen A-share listed companies from 2008 to 2023, this paper analyzes the impact mechanism of government-guided funds on corporate organizational resilience. The findings reveal that government-guided funds significantly strengthen corporate organizational resilience. Mechanism tests indicate that these funds enhance organizational resilience by alleviating financing constraints, boosting innovation capability, and raising risk-taking levels. Heterogeneity analysis shows that the promoting effect of government-guided funds is more pronounced in high-tech enterprises, firms with higher managerial ownership, and enterprises in the growth stage. The research conclusions provide important insights for enhancing corporate organizational resilience to achieve high-quality development, and also offer policy references for government-guided funds to support the sustainable development of the real economy.