政府引导基金的重要目标之一是引导产业结构升级。那么，政府引导基金对产业结构升级究竟发挥了怎样的作用?文章利用2007—2017年我国31个省、自治区、直辖市的面板数据，构建面板数据模型实证研究政府引导基金对产业结构升级的总体效应与区域效应。结果表明：根据单位根和脉冲响应检验结果，政府引导基金对产业结构升级的总体效应显著，政府引导基金能够促进产业结构升级;根据变系数固定效应模型回归结果，政府引导基金对产业结构升级的效应存在地区差异，贵州等地政府引导基金对产业结构升级发挥了正效应，北京等地政府引导基金对产业结构升级发挥了负效应，山东等地政府引导基金对产业结构升级则未发挥显著效应。据此，各地应因地制宜扩大政府引导基金规模或建立政府引导基金退出机制，加强对政府引导基金的科学管理，完善政府引导基金绩效考核机制，充分发挥政府引导基金对产业结构升级的促进作用。

One of the important goals of government guided funds is to guide the upgrading of industrial structure. So, what is the impact of government guided funds on the upgrading of industrial structure? Based on the panel data of 31 provinces, autonomous regions and municipalities directly under the Central Government from 2007 to 2017, this paper constructs a panel data model to empirically study the overall and regional effects of government guidance funds on industrial structure upgrading. The results indicate that according to the unit root and pulse response function, the overall effect of government guided funds on industrial structure upgrading is significant, and government guided funds can promote industrial structure upgrading. According to the variable coefficient fixed effect model, there are regional differences in the effect of government guided funds on industrial structure upgrading. Provincial government guided fund funds in Guizhou and other provinces have a positive effect on industrial structure upgrading, while provincial government guided funds in Beijing and other provinces have a negative effect on industrial structure upgrading, while provincial government guided funds in Shandong and other provinces have no significant effect on industrial structure upgrading. Accordingly, local governments should expand the scale of government guidance funds or establish a government guidance fund exit mechanism according to local conditions, strengthen the scientific management of government guidance funds, improve the performance appraisal mechanism of government guidance funds, and give full play to the role of government guidance funds in promoting the upgrading of industrial structure.