{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,26]],"date-time":"2026-01-26T00:03:37Z","timestamp":1769385817413,"version":"3.49.0"},"reference-count":28,"publisher":"MDPI AG","issue":"7","license":[{"start":{"date-parts":[[2025,7,1]],"date-time":"2025-07-01T00:00:00Z","timestamp":1751328000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100018542","name":"Natural Science Foundation of Sichuan Province, China","doi-asserted-by":"publisher","award":["2023NSFSC0521"],"award-info":[{"award-number":["2023NSFSC0521"]}],"id":[{"id":"10.13039\/501100018542","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100018542","name":"Natural Science Foundation of Sichuan Province, China","doi-asserted-by":"publisher","award":["SC23TJ039"],"award-info":[{"award-number":["SC23TJ039"]}],"id":[{"id":"10.13039\/501100018542","id-type":"DOI","asserted-by":"publisher"}]},{"name":"The \u201c14th Five-Year Plan\u201d Project for Philosophy and Social Sciences Research in Sichuan Province","award":["2023NSFSC0521"],"award-info":[{"award-number":["2023NSFSC0521"]}]},{"name":"The \u201c14th Five-Year Plan\u201d Project for Philosophy and Social Sciences Research in Sichuan Province","award":["SC23TJ039"],"award-info":[{"award-number":["SC23TJ039"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Specialized and special new \u201clittle giant\u201d enterprises are characterized by specialization, refinement, uniqueness, and innovation. They have relatively strong innovation capabilities and enterprise vitality. However, they also face problems such as high innovation costs, long investment recovery cycles, and high risks of investment returns, which lead to information asymmetry and financing difficulties. Government venture capital is a policy fund provided by the government and established with the participation of local governments, financial institutions, and private capital. They can utilize fiscal policies to attract market funds and support the development of key industries. Therefore, in this study, the first through sixth batches of specialized and special new \u201clittle giant\u201d enterprises listed on the A-share and New Third Board from 2013 to 2023 were taken as samples, and their investment behavior and investment effects were empirically studied using the multiple linear regression method. The investment behavior of government venture capital tends to target strategic emerging industries. The intervention of government venture capital can enhance the innovation of \u201clittle giant\u201d enterprises and has an impact through the intermediary mechanism of R&amp;D investment. This paper draws conclusions and puts forward relevant policy suggestions for supporting the development of \u201clittle giant\u201d enterprises.<\/jats:p>","DOI":"10.3390\/systems13070535","type":"journal-article","created":{"date-parts":[[2025,7,1]],"date-time":"2025-07-01T06:56:54Z","timestamp":1751353014000},"page":"535","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":2,"title":["The Influence Mechanism of Government Venture Capital on the Innovation of Specialized and Special New \u201cLittle Giant\u201d Enterprises"],"prefix":"10.3390","volume":"13","author":[{"given":"Qilin","family":"Cao","sequence":"first","affiliation":[{"name":"School of Business, Sichuan University, Chengdu 610064, China"},{"name":"Sichuan Key Laboratory for Science &Technology Finance and Mathematical Finance, Chengdu 610064, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Tianyun","family":"Wang","sequence":"additional","affiliation":[{"name":"School of Business, Sichuan University, Chengdu 610064, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Shiyu","family":"Wen","sequence":"additional","affiliation":[{"name":"School of Business, Sichuan University, Chengdu 610064, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Lingyue","family":"Zhou","sequence":"additional","affiliation":[{"name":"School of Business, Sichuan University, Chengdu 610064, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Weili","family":"Zhen","sequence":"additional","affiliation":[{"name":"School of Business, Sichuan University, Chengdu 610064, China"},{"name":"Institute of Listed Company Development and Competitiveness, Chengdu 610064, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2025,7,1]]},"reference":[{"key":"ref_1","first-page":"1","article-title":"Research on the Cultivation Policy of China\u2019s specialized new \u2018Little Giant\u2019 and Germany\u2019s \u2018Hidden Champion\u2019","volume":"56","author":"Yang","year":"2019","journal-title":"China Ind. Inf. Technol."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"637","DOI":"10.1111\/j.1540-6261.1996.tb02697.x","article-title":"Symmetric Information, Managerial Opportunism, Financing, and Payout Policies","volume":"51","author":"Noe","year":"1996","journal-title":"J. Financ."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"298","DOI":"10.1162\/003465302317411541","article-title":"Is the Growth of Small Firms Constrained by Internal Finance?","volume":"84","author":"Carpenter","year":"2002","journal-title":"Rev. Econ. Stat."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"370","DOI":"10.1016\/j.respol.2014.09.008","article-title":"Access to finance for innovative SMEs since the financial crisis","volume":"44","author":"Lee","year":"2015","journal-title":"Res. Policy"},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"10","DOI":"10.1007\/s10961-014-9380-9","article-title":"Governmental venture capital for innovative young firms","volume":"41","author":"Colombo","year":"2016","journal-title":"J. Technol. Transf."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"35","DOI":"10.1016\/j.jbusvent.2017.10.001","article-title":"Signaling by early stage startups: US government research grants and venture capital funding","volume":"31","author":"Islam","year":"2018","journal-title":"J. Bus. Ventur."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"175","DOI":"10.1016\/j.jbusvent.2015.10.001","article-title":"Governmental venture capital in Europe: Screening and certification","volume":"31","author":"Guerini","year":"2016","journal-title":"J. Bus. Ventur."},{"key":"ref_8","first-page":"8","article-title":"Research on the guiding effect of government venture capital","volume":"35","author":"Yang","year":"2014","journal-title":"Sci. Res. Manag."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"2021","DOI":"10.1007\/s11424-024-3282-1","article-title":"Stimulating Start-up Investment Through Government-Sponsored Venture Capital: Theory and Chinese Evidence","volume":"37","author":"Ni","year":"2024","journal-title":"J. Syst. Sci. Complex."},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"108234","DOI":"10.1016\/j.eneco.2025.108234","article-title":"Better green financial instrument: Government green fund and corporate new energy technology innovation","volume":"143","author":"Zheng","year":"2025","journal-title":"Energy Econ."},{"key":"ref_11","first-page":"442","article-title":"Research on the guidance and investment effect of government industrial fund in China","volume":"39","author":"Li","year":"2021","journal-title":"Stud. Sci. Sci."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"925","DOI":"10.1016\/j.respol.2015.02.002","article-title":"Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies","volume":"44","author":"Bertoni","year":"2015","journal-title":"Res. Policy"},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"104051","DOI":"10.1016\/j.respol.2020.104051","article-title":"Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs","volume":"49","author":"Alperovych","year":"2020","journal-title":"Res. Policy"},{"key":"ref_14","doi-asserted-by":"crossref","unstructured":"Zhu, H., Liu, R., and Chen, B. (2023). The Rise of Specialized and Innovative Little Giant Enterprises under China\u2019s \u2018Dual Circulation\u2019 Development Pattern: An Analysis of Spatial Patterns and Determinants. Land, 12.","DOI":"10.3390\/land12010259"},{"key":"ref_15","first-page":"19","article-title":"Qualification and construction enterprise innovation-quasi-natural experiments based on specialized, high-end and innovation-driven small giant enterprises","volume":"4","author":"Shen","year":"2025","journal-title":"J. Asian Archit. Build. Eng."},{"key":"ref_16","unstructured":"Yang, Z.H. (2024). The Impact of Government Venture Capital on the Innovation Ability of \u2018Specialized, Special and New\u2019 Little Giant. [Ph.D. Thesis, Lanzhou University of Finance and Economics]."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"569","DOI":"10.1016\/j.jbusvent.2005.06.002","article-title":"Building out private equity: Canadian evidence","volume":"21","author":"Cumming","year":"2005","journal-title":"J. Bus. Ventur."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"995","DOI":"10.1007\/s11187-018-9989-4","article-title":"Gain or pain? New evidence on mixed syndication between governmental and private venture capital firms in China","volume":"51","author":"Zhang","year":"2018","journal-title":"Small Bus. Econ."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"772","DOI":"10.1016\/j.iref.2024.03.056","article-title":"Does governmental venture capital (GVC) advance green innovation? Big data evidence from China","volume":"93","author":"Li","year":"2024","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_20","doi-asserted-by":"crossref","unstructured":"Hu, J., Hu, L., Hu, M., and He, Q. (2022). Machine Learning-Based Investigation on the Impact of Chinese Venture Capital Institutions\u2019 Performance: Evaluation Factors of Venture Enterprises to Venture Capital Institutions. Systems, 10.","DOI":"10.3390\/systems10040092"},{"key":"ref_21","first-page":"16","article-title":"Thinking of commercial banks supporting specialized and special new enterprises","volume":"5","author":"Wang","year":"2022","journal-title":"Southwest Financ."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"425","DOI":"10.2307\/2667105","article-title":"Collaboration networks, structural holes, and innovation: A longitudinal study","volume":"45","author":"Ahuja","year":"2000","journal-title":"Adm. Sci. Quaterly"},{"key":"ref_23","first-page":"100","article-title":"The mediating effect and moderating effect in the empirical study of causal inference","volume":"5","author":"Jiang","year":"2022","journal-title":"China Ind. Econ."},{"key":"ref_24","first-page":"84","article-title":"Government Venture Capital and the Next Round of Financing for Enterprises: An Exploration of Contingency Factors in Institutional Logic Effects and Resource Effects","volume":"8","author":"Jin","year":"2023","journal-title":"Q. J. Manag."},{"key":"ref_25","first-page":"7140807","article-title":"Determinants of Investment Timing of Government Venture Capital Guiding Funds in China","volume":"10","author":"Cui","year":"2021","journal-title":"Discret. Dyn. Nat. Soc."},{"key":"ref_26","first-page":"32","article-title":"Actively promoting strategic emerging industries to become new growth engines","volume":"8","author":"Zhang","year":"2024","journal-title":"Macroecon. Manag."},{"key":"ref_27","first-page":"53","article-title":"Cultivation of \u2018patience\u2019 of government venture capital from the perspective of new quality productivity: Evaluation system and benefit balance","volume":"1","author":"Zhang","year":"2025","journal-title":"Secur. Mark. Her."},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"107196","DOI":"10.1016\/j.eneco.2023.107196","article-title":"Government venture capital and innovation performance in alternative energy production: The moderating role of environmental regulation and capital market activity","volume":"129","author":"Du","year":"2024","journal-title":"Energy Econ."}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/13\/7\/535\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,9]],"date-time":"2025-10-09T18:02:21Z","timestamp":1760032941000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/13\/7\/535"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,7,1]]},"references-count":28,"journal-issue":{"issue":"7","published-online":{"date-parts":[[2025,7]]}},"alternative-id":["systems13070535"],"URL":"https:\/\/doi.org\/10.3390\/systems13070535","relation":{},"ISSN":["2079-8954"],"issn-type":[{"value":"2079-8954","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,7,1]]}}}